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Sacramento Housing Market Report Reflects Seasonal Dip
Our Sacramento County housing report for October 2018 shows not only a seasonal dip but also a large gap between inventory and closed sales. About half of the homes for sale in Sacramento are selling, which is typical this time of year. However, it is also indicative of a market shifting to a buyer’s market.
The average square foot cost for our Sacramento County housing report for October 2018 shows stability. These numbers include all single family homes and attached houses in the county. However, what the numbers do not show is a 3% dip between original list price and final sales price.
Next, in our Sacramento County housing report for October 2018, let’s look at the average days on market in Sacramento. Or, not. You can see it shows an overall average of 35 days on market, which is an increase of 25% from a year ago. That is not bad at all, though. In normal real estate markets, homes can take 2 to 3 months to sell, so even 35 days is OK.
The median sales price reflected in our Sacramento County housing report for October 2018 shows a dip to $350,000. A bit of softening in prices is good news for buyers. More good news for Sacramento homebuyers is the fact the Feds left the rate unchanged this month. Although 4.875% is about average at the moment, it’s still a good time to buy a home. Call the Elizabeth Weintraub Team to gather more information or to become a valued client at 916.233.6759.
Market Charts From the #1 Agent at Lyon Real Estate for July
15-month snapshot of housing market in Sacramento County as of July 2017.
While I did not expect to be named the #1 agent at Lyon Real Estate last month, it’s still gratifying to know the Elizabeth Weintraub Team is continuing to perform as a dominant force in the Sacramento housing market. I looked at the fact I spent a week visiting my sister in Minneapolis and a little over two weeks in Hawaii between June and July, but I never stop working regardless of where I may physically have been. That means the production we pumped out for July is pretty incredible, I suppose, given the circumstances. My team members were also visiting Europe, the East Coast and the Bay Area as well, so we all managed to get in a few trips while keeping track of Sacramento real estate.
Unlike many Sacramento Realtors, I don’t tally my active listings and sold sales. Don’t waste time keeping track until the year is over. Nose to the grindstone. My clients can’t believe it. They ask, incredulously: “How do you not know how many listings you have?” Because it doesn’t matter when they all sell. So, it was surprising to hear I am the #1 agent at Lyon Real Estate for last month. What’s even more surprising is how the housing market behaved in Sacramento County for the month of July. We saw an uptick in inventory over the previous month by almost 15%, however, that increase was not enough to satisfy the demand. The inventory is still low as compared to last year at this time. The number of homes for sale in Sacramento County is down more than 16% from July of 2016.
Below are two more interesting charts that reflect the housing market activity in Sacramento County for July of 2017.
Average square foot prices in Sacramento County over the past 15 months.
You don’t have to be a math wizard to understand that prices in Sacramento County are rising. This chart shows the average square foot price moving from $202 in May of 2016 all the way to $222 in July of 2017. It’s up over 8% from a year ago. Except for a seasonal dip in December and January, which is normal, our average square foot costs in Sacramento have been on a steady climb since then.
You’ve got questions, I’m sure. Will prices continue to rise? Will prices fall? Will prices remain the same and level off at some point? I’m fairly certain prices will not fall. For prices to fall, we would need to experience deceased demand for housing, coupled with a big jump in inventory and perhaps rising interest rates, and none of those things seem to be happening. Plus, buyers are telling us is they feel an urgency to buy now before prices go up further and they are priced out of the market all together. Few people want to be a renter forever.
Days on market in Sacramento County show a downward trend.
Will you look at this chart of the average days on market for Sacramento County? It is unbelievable. Last year at this time, the average time to sell a home in Sacramento County was on the upswing. Not in 2017, though. Ever since February, our days on market have been falling. My average days on market for most of my listings is probably close to 4 to 5 days, so I am beating the average countywide statistics. I put a home on the market on Thursday night at midnight, and by Monday morning, it is often in escrow, with multiple offers.
This is a fabulous time to be a seller in Sacramento County. If you’re thinking about waiting until next year, you’re playing with the odds. If there is a 50% chance of rain in the forecast, it means you need to carry an umbrella because it’s going to rain. The time to sell a home is now. I’ve been in the business for 43 years, and I’ve never in my entire life seen a better time to sell a home than today. Don’t count on the market continuing in the seller’s favor. It could level and become neither a seller’s nor a buyer’s market. The only constant is change.
If you’re thinking about selling your home, why not call July’s #1 agent at Lyon Real Estate and bump up your odds of success? Call Elizabeth Weintraub at 916.233.6759. I’m never too busy to take on new business. Lyon Real Estate has almost 1,000 agents in Sacramento. We are the largest independently owned company in Sacramento and a market leader.
Charts: Trendgraphix, used with permission.
Mind-Blowing Sacramento June Housing Market Report
County of Sacramento June Housing Market Report for 2017.
When I look at the Trendgraphix numbers for the Sacramento June Housing Market report, I am astounded. How quickly we jumped from a median price in the 7-county-region of $389K to $400,000. Prices are continuing to climb; buyers are clawing tooth and nail to buy a home, and interest rates are increasing as well. Where will it stop? At what point will people say they don’t want to move to Sacramento or they will take a job elsewhere?
Of course, in California, where else are they gonna go that’s an affordable metro area? Or will we turn into a state of tenants paying rent to foreign investors?
As a recent report pointed out, we haven’t seen a median price of $400,000 since 2006. And you know what that year was like. Falling prices, and a collapsed market. There are those who will say we are headed toward a bubble, but that’s literally impossible. Many of our transactions are cash or with high equity positions, which is the reverse of what was happening in 2006 when the market began to crash.
In the county of Sacramento, our median price in the Sacramento June housing market report is $348,000. Our days on market on average is 18 days. In the entire Sacramento Region, our days on market average is 21. Most of my listings go on the market on Thursday night and by Monday, we have multiple offers and are in escrow.
I tell potential sellers if you could pick a date in the last 25 years to sell your house that was the absolute best time ever, this is definitely that time. If your house needs work, no problem, it will sell at top dollar AS IS. If you’re a buyer, hire a strong agent with access to a lot of listings and don’t try to lowball. Be aggressive. Fight for what you deserve.
On the amusing side, there must have been some sort of investment flipper seminar held in the area lately, maybe a Chief Denny thing, I dunno. Because I’ve received a half dozen of phone calls that start out, “Hi, I am a cash investor who is looking to buy homes at a discount and flip them.” I ask: did you just go to a seminar? But they are too embarrassed to be truthful. They also obviously do not understand the Sacramento June housing market report.
Chart: Trendgraphix, used with permission.
