Sacramento Housing Market November 2018 Report

The Sacramento Housing Market November 2018 report is not surprising to me. Our inventory is up 25% over last year at this time. That is a huge uptick in inventory, even though it dropped slightly from last month. But an uptick in inventory over last year is not necessarily a good thing because it has resulted in lower closed sales.

Comparing November of 2017 to this past month, we’ve seen a drop of 12.6% in closed sales. Bad news for many Sacramento real estate agents whose income may drop, but good news for buyers.

Our median sales price in Sacramento is up to $365,000. Prices are still rising, inventory is falling, closed sales are down and pending sales are also down. Some of this is seasonal, but the upshot is buyers have far more choices now than, say, last spring.

Some properties are taking longer to sell as well. On average, our day on market has risen to 41 days in Sacramento Housing Market November 2018. Although I can say from own my production, I recently listed 5 new homes and 4 of those 5 plus another listing have sold within a few days. But they were priced right. If listings are not priced for the market, they might not sell because buyers are not crazy anymore.

No, no, no, buyers are much more cautious. Some want to “sleep on the decision” and, of course, those are the guys who regret that decision. But taking their time is often OK. They might be up against only one other offer, not 5 or 10. At least they are smart enough to want to act now. Because they see prices rising and interest rates going up. If they plan to buy a house, now is the time.

Plenty of houses available. Not as much competition from other buyers this time of year. If you’d like more information or want to discuss the Sacramento Housing Market November 2018 report, please call Elizabeth Weintraub at Lyon RE, 916.233.6759.