Sacramento Housing Report for February 2019

The most obvious aspect of the Sacramento housing report for February of 2019 is the pending sales. However, before you get all excited over that rising line, consider the fact that pending sales had exploded in January as well but where are the closed sales? I’ll tell you where they are. In the imagination of those buyers because pending sale numbers are not always indicative of a rising market.

Buyer behavior lately has been a bit more non-committal. They seem quick to write an offer and quick to cancel.

Throw into this mix, the Sacramento housing report for February of 2019 shows closed sales are down 12.1% from a year ago and inventory is up by 10.8% over last year. But those pendings are up 21% this month, and that is a significant number. Will it result in more closed sales for March? I’m thinking not by the margin it should suggest.

All of this leads us to is this a good time to buy or sell a house in Sacramento? It’s slightly better to buy than to sell; however, our median sales price rose a bit over January to $403,000, which is still down from last summer at $420,000.

Check out those average days on market creeping up on us at 55. Highest it’s ever been over the past 15 months. Further, of interesting note, there is a bit of wiggle room on those original sales prices. Buyers can negotiate now, and they don’t have to fight through multiple offers to buy a house. That is surely a welcome relief. Buyers can take their time to find just the right home without feeling pressured.

This Sacramento housing report for February of 2019 gives me a lot of hope for March and April sales this year. It won’t be as strong as last year, prices are a tad softer, but it is still a good time to sell or buy a house in Sacramento.