4 things to remember about increasing values and low inventory

Let’s talk about increasing values and low inventory. ‘Tis the season for this conversation because the market is heating up right now as we are on the cusp of spring. Here are a few things that have been on my mind, and then a huge local market update after that (for those interested). I’d love to hear your take in the comments below. Any thoughts?

values in real estate - sacramento appraisal blog - image purchased and used with permission from 123rf

  1. Front Loaded Market: In a normal market prices tend to heat up in the spring and soften in the fall. While this isn’t true everywhere in the United States (or for every year or type of property), this general reality reminds us that value increases are often loaded into the front part of the year rather than throughout the entire year. For instance, if values increased by 6% last year, it doesn’t mean value went up by 0.5% each month. Instead, any increase in value might actually have occurred from February to June.
  2. Rapid Appreciation: I’ve been hearing lots of chatter about rapid appreciation lately. The idea is the market has increased substantially in value over the past couple months and appraisals are lagging behind the trend. I know low appraisals are a reality, and if appraisers aren’t giving upward adjustments for value increases (when warranted of course), it can lead to conservative appraisals that probably reflect the market two months ago rather than right now. Whatever the case, the Sacramento market has felt extremely competitive lately because of freakishly low inventory, though actual value increases seem more nominal for the spring rather than exponential. Yes, there are some properties that have been bid up 10% or so, but those properties were probably priced far too low since increases that large have not typified this market. Moreover, sometimes markets feel more aggressive than they actually are, so a market’s mantra might be: “Aggressive demand, modest appreciation.”
  3. Not Every Neighborhood: Some neighborhoods and price ranges are trending differently than others. I know that sounds obvious, but it’s worth mentioning because it’s easy to lump all areas and price ranges together. For instance, the median price in the regional market last month increased by 2.5%, but that doesn’t mean values increased by 2.5% in every single neighborhood or price range. When valuing a property, we can keep an eye on trends from the wider area, but at the end of the day we need to look at competitive sales and listings in the subject property’s particular neighborhood. What is the competitive market doing in the neighborhood? If we impose the notion that “values increased by 2.5% last month” on every neighborhood, we’re probably going to make some valuation mistakes.
  4. Less New Construction is Starting to Matter: When the economy collapsed, new home construction sloughed off and has not yet recovered anywhere close to where it was during the glory years from say 2003 to 2005. This might not seem like a big deal, but now imagine the population has grown over the past 10 years, which essentially means there are now less available housing units for a larger population. On top of this, institutional investors bought homes in recent years and are holding on to them instead of selling. Moreover, some owners purchased several years ago are sitting on a sweet 3.5% interest rate and a low mortgage payment. Why would they sell in today’s market unless they really had to? Not all areas in the country are struggling with low inventory, but a lack of new home construction in recent years is actually a big deal, and it’s certainly contributing to a lower housing supply in many markets including Sacramento. Lastly, when there are less housing units for the population, it tends to create an environment where rents increase. This is an important trend to watch.

Any thoughts? I’d love to hear your take below.

—————– For those interested, here is my big market update  —————–

Big monthly market update post - sacramento appraisal blog - image purchased from 123rfTwo ways to read the BIG POST:

  1. Scan the talking points and graphs quickly.
  2. Grab a cup of coffee and spend a few minutes digesting what is here.

DOWNLOAD 70 graphs HERE:
Please download all graphs in this post (and more) here as a zip file (or send me an email). Use them for study, for your newsletter, or some on your blog. See my sharing policy for 5 ways to share (please don’t copy verbatim). Thanks.

Quick Sacramento Market Summary: The market in February was fairly normal in Sacramento. Values saw a modest seasonal uptick, sales volume increased, and inventory declined. This was all expected because it’s what we normally see at this time of year. But while market stats are more on the tame side, the market has felt anything but that in the trenches of house hunting. Multiple offers are commonplace and buyers are seeming to exude a 2004-ish frenzy to get into contract before values rise too quickly (does that concern anyone?). Despite housing inventory being extremely tight, properties that are priced too high are sitting instead of selling, and that reminds us how price sensitive buyers have become. The market is definitely a sellers’ market, though that doesn’t mean sellers can command any price they want. It’s interesting to note it took 12 less days to sell a house this February compared to last February, and only 3.4% of all sales in the region last month were short sales. One last thing. There is a big difference in the mood among buyers when mortgage interest rates are closer to 3.5% compared to even 4.0%, so watch rates and the market closely.

SACRAMENTO COUNTY:

  1. It took an average of 46 days to sell in both February and January.
  2. It took 12 less days to sell this February compared to last February.
  3. Sales volume was nearly identical in February 2016 compared to last February.
  4. FHA sales were 24% of all sales last month.
  5. Housing inventory is 25% lower than it was last year at the same time.
  6. The median price increased by 6.7% last month (take that w/ a grain of salt).
  7. The median price is 6.7% higher than the same time last year.
  8. The avg price per sq ft increased by about 1% last month.
  9. The avg price per sq ft is 6% higher than the same time last year.
  10. Sales volume in 2016 is roughly the same as the same time last year.

Some of my Favorite Graphs this Month:

Median price since 2013 in sacramento county

inventory - February 2016 - by home appraiser blog

inventory in sacramento county Since 2013 - part 2 - by sacramento appraisal blog

CDOM in Sacramento County - by Sacramento Appraisal Blog

Median price and inventory since 2001 by sacramento appraisal blog

market in sacramento - sacramento appraisal group

SACRAMENTO REGIONAL MARKET:

  1. It took 1 day longer to sell a house last month than January.
  2. It took 12 less days to sell this February compared to last February.
  3. Sales volume was 2% lower in February 2016 compared to last February.
  4. FHA sales were 22% of all sales last month.
  5. Short sales were 3.4% and REOs were 4.8% of sales last month.
  6. Housing inventory is 20% lower than it was last year at the same time.
  7. The median price increased 2.5% last month from the previous month.
  8. The median price is 3% higher than the same time last year.
  9. The avg price per sq ft declined slightly last month (less than 1%).
  10. The avg price per sq ft is 7.9% higher than the same time last year.

Some of my Favorite Regional Graphs:

sales volume 2015 vs 2016 in sacramento placer yolo el dorado county

sacramento region volume - FHA and conventional - by appraiser blog

months of housing inventory in region by sacramento appraisal blog

days on market in placer sac el dorado yolo county by sacramento appraisal blog

median price and inventory in sacramento regional market 2013

number of listings in sacramento regional market

PLACER COUNTY:

  1. It took 7 more days to sell a house last month than January.
  2. It took 6 less days to sell this February compared to last February.
  3. Sales volume was 4% lower in February 2016 compared to last February.
  4. FHA sales were 20% of all sales last month.
  5. Cash sales were 19% of all sales last month.
  6. Housing inventory is 17% lower than it was last year at the same time.
  7. Sales volume is up 2.5% this Jan/Feb compared to last Jan/Feb.
  8. The median price increased 2.5% from the previous month.
  9. The median price is up nearly 11% from February 2015.
  10. Short sales were 1.5% and REOs were 4.3% of sales last month.

Some of my Favorite Placer County Graphs:

days on market in placer county by sacramento appraisal blog months of housing inventory in placer county by sacramento appraisal blog number of listings in PLACER county - January 2016 Placer County housing inventory - by home appraiser blog Placer County price and inventory - by sacramento appraisal blog Placer County sales volume - by sacramento appraisal blog

I hope this was helpful and interesting.

DOWNLOAD 70 graphs HERE:
Please download all graphs in this post (and more) here as a zip file (or send me an email). Use them for study, for your newsletter, or some on your blog. See my sharing policy for 5 ways to share (please don’t copy verbatim). Thanks.

Questions: Any other points to add about increasing values or low inventory? What stands out to you about the latest stats in Sacramento? I’d love to hear your take and what you are seeing in the trenches.

If you liked this post, subscribe by email (or RSS). Thanks for being here.

Speaking fluently in real estate cliches

It’s easy to get stuck in a rut of speaking fluently in real estate clichés. While there’s maybe nothing wrong with saying, “The market is ‘on fire'”, or “It’s a good time to buy and sell,” there has to be more depth we can tap into, right? It’s almost like if I asked someone how they were doing, and the person said, “I’m on fire at work” or “It’s a good time to be alive.” Okay, that’s great to hear, but what does that really mean? I want to catch specifics because it’s in the details where I can really know a person. The same is true in real estate. When we step away from vague clichés and begin to speak fluently in current market trends, it can be very powerful. Whether you’re an agent, appraiser, or home owner, I hope you can glean something from this post as you tell the story of the market to clients and contacts, and I’d love to hear your take in the comments below. If you’re not in the Sacramento market, how would you describe your area? Are trends unfolding in similar ways?

CHALLENGE: Share one talking point below with a client or contact today (or include a point in conversation on Facebook).

real estate market cliches - by sacramento appraisal blog - image purchased and used with permission from 123rf dot com

Two ways to read THE BIG MONTHLY POST:

  1. Scan the talking points and graphs quickly.
  2. Grab a cup of coffee and spend a few minutes digesting what is here.

DOWNLOAD 62 graphs HERE (zip file): Please download all graphs in this post (and more) here as a zip file (or send me an email). Use them for study, for your newsletter, or some on your blog. See my sharing policy for 5 ways to share (please don’t copy verbatim). Thanks.

One Paragraph to Describe the Sacramento Market: The latest stats show a couple of things: 1) The market is slowing down as it almost always does during the fall (no surprise there); yet 2) The market is definitely not as slow as it was last year at the same time. For instance, last month in the region it took one day longer to sell a home than the previous month, which shows the market is cooling, but it’s actually taking ONE WEEK LESS to sell a home this year compared to last year. There is roughly two months of housing inventory in the Sacramento region, which essentially means there are only two months worth of houses for sale on the market. This is very low considering last year inventory was at 2.65 months at the same time. This might not seem like a big difference, but the market is actually VERY sensitive to increases in inventory, which is one of the reasons why the market last year felt much slower (and even sluggish) compared to this year. Many times we hear 5 months of inventory is normal, but keep in mind values have declined any time inventory even approached 4 months in Sacramento County over the past 15 years. Anyway, despite inventory being low right now, buyers are not pulling the trigger unless the price is right. In short, Sellers, if you want your property to sit on the market, overprice it. In terms of values, the overall median price in Sacramento County has been about the same for 6 months and the regional market has softened by 2% in recent months. By the way, if you missed my recent post, I gave some perspective on “real estate bubble” conversations, and it’s a very relevant conversation as we see price metrics begin to soften at this time of year (and people freak out about that).

Sacramento County Market Trends for October 2015:

  1. The median price has been hovering around $290,000 for 6 months in a row.
  2. It took an average of 38 days to sell a house last month (up 2 days from the previous month).
  3. Last year at this time it was taking an average of 45 days to sell a house.
  4. FHA sales were 28.5% of all sales last month.
  5. Sales volume is 9.8% higher so far in 2015 compared to last year.
  6. Sales volume was 7.8% higher in Oct 2015 compared to Oct 2014.
  7. There is a 1.78 month supply of homes for sale (similar to previous month).
  8. Housing inventory is nearly 28% lower right now compared to Oct 2014.
  9. The average price per sq ft is 186.5 (7.1% higher than last October).
  10. Cash sales were only 15.5% of all sales last month (18.5% last year at the same time).

NOTE: The graph below shows an increase in the average price last month, but keep in mind the median price and average price per sq ft were flat (this reminds us to not isolate one metric and make it all about that one point).

price metrics since 2014 in sacramento county

inventory - October 2015 - by home appraiser blog

seasonal market in sacramento county median price

seasonal market in sacramento county sales volume 2

seasonal market in sacramento county inventory 2

CDOM in Sacramento County - by Sacramento Appraisal Blog

layers of the market sacramento county since 2011 - by sacramento appraisal blog

Sacramento Regional Trends for October 2015 (Sac, Placer, Yolo, El Dorado):

  1. It took 7 less days to sell a house this Oct compared to Oct 2014.
  2. Sales volume was up 5.5% in Oct 2015 compared to Oct 2014.
  3. Sales volume for the year is up 10.3% compared with 2014.
  4. The median price at $326,000 is up 6.8% from last year, but down 2% from the past few months.
  5. It took an average of 42 days to sell a house last month (1 day longer than last month).
  6. FHA sales were 24.5% of all sales in the region last month.
  7. There is 2.06 months of housing inventory (same for past 3 months).
  8. The average sales price is $364,829 (7.7% higher than last year, but down slightly from $370K a few months ago).
  9. FHA sales volume has increased by 30% in 2015 compared with 2014.
  10. Housing inventory is nearly 22% lower right now compared to Oct 2014.

sales volume 2015 vs 2014 in sacramento placer yolo el dorado county

prices in sacramento region - FHA and conventional - by appraiser blog

months of housing inventory in region by sacramento appraisal blog

days on market in placer sac el dorado yolo county by sacramento appraisal blog

median price and inventory in sacramento regional market

number of listings in sacramento regional market

Placer County Market Trends for October 2015:

  1. Sales volume was the same in October 2015 compared to October 2014.
  2. Sales volume for the year is up 14% compared with 2014.
  3. The median price in Placer County is $397,500 (it’s been fluctuating up and down between $390-400K over the past 6 months).
  4. Cash sales were 16.8% of all sales last month (very normal level).
  5. It took 47 days on average to sell a house last month (1 day longer than the previous month month).
  6. Last year at this time it took 7 days longer to sell a house.
  7. FHA sales were 18.6% of all sales in Placer County last month.
  8. There is 2.26 months of housing inventory (18% lower than last year).
  9. The average price per sq ft is 201 (3.6% higher than last year at the same time).
  10. REOs were 2.4% of all sales and short sales were 3.6% of all sales.

Placer County sales volume 2 - by sacramento appraisal blog

number of listings in PLACER county - October 2015

months of housing inventory in placer county by sacramento appraisal blog

days on market in placer county by sacramento appraisal blog

Placer County price and inventory - by sacramento appraisal blog

interest rates inventory median price in placer county by sacramento appraisal blog

I hope this was helpful. Thank you so much for being here.

Quick Pricing Advice:

  1. Remember the market isn’t as soft this year as it was during the same time last year, but we are still seeing values cool during the fall.
  2. Talk about the difference between actives, pendings, and neighborhood sales on your listing appointments and in your appraisals. If listings are selling for less than sales from the Spring market, that shows us the market has changed (and we need to price accordingly). See How to use a CMA to gauge the temperature of the market for a fantastic way to quickly explain what the market is doing to your clients.
  3. The market has been very price sensitive all year, which means buyers are not biting on overpriced listings despite inventory and interest rates being relatively low.
  4. Remember there are many markets within a market, so price according to the neighborhood market rather than county-wide trends since your neighborhood might be more or less aggressive compared to the entire county.

DOWNLOAD 62 graphs HERE (zip file): Please download all graphs in this post (and more) here as a zip file (or send me an email). Use them for study, for your newsletter, or some on your blog. See my sharing policy for 5 ways to share (please don’t copy verbatim). Thanks.

Questions: How does the market feel to you this year compared to last year? What are you seeing out there? I’d love to hear your take.

If you liked this post, subscribe by email (or RSS). Thanks for being here.

The stats show the market is slowing (and we’re not surprised)

Shocking titles tend to get clicked more on Facebook. So if I wanted more clicks, I probably could have gone with a sensational title like, “The market is taking a turn downward”. Or maybe I could have said, “Big changes you MUST know about in Sacramento real estate.” After all, the stats are showing values are softening, so hyping up this point could certainly lead to more traffic. But you know what? I’m not interested in hype, and I never want more clicks at the expense of my integrity. Yes, the market is growing softer right now, and that can feel scary for some, but truth be told there really isn’t any shock here because this is exactly what we expect to see happen during the fall months. Nonetheless, the fascinating part is the fall season this year has still been different than it was last year. This year is actually much more competitive and far less dull. So let’s unpack some trends below with the goal of understanding what values are doing so we can more effectively tell the story of the market to our clients and contacts. I hope this is helpful for locals as well as out-of-town readers (what is your market doing right now?).

housing numbers - image purchased and used with permission by sacramento appraisal blog

Two ways to read THE BIG MONTHLY POST:

  1. Scan the talking points and graphs quickly.
  2. Grab a cup of coffee and spend a few minutes digesting what is here.

DOWNLOAD 70 graphs HERE (zip file): Please download all graphs in this post (and more) here as a zip file (or send me an email). Use them for study, for your newsletter, or some on your blog. See my sharing policy for 5 ways to share (please don’t copy verbatim). Thanks.

One Paragraph to Describe the Sacramento Market: The market has been slowing in the Sacramento area, but it’s nowhere near as slow as it was last year at the same time. Overall sales volume is up nearly 11% in the region this year, housing inventory is down 24%, and homes took 4 fewer days to sell this September compared to last September. There have actually been less price reductions so far this year too. In terms of home prices, the median price, average price per sq ft, and average sales prices are tending to be about 4-5%+ higher than they were last year, though this doesn’t mean values are necessarily 4-5% higher. This is an important distinction because median price increases don’t always translate dollar to dollar to actual value. Keep in mind the median price in the regional market has softened by almost 2.5% over the past few months, and the median price in Sacramento County has been about the same for five months in a row. There are some graphs below to help show the seasonal market, and they remind us it is customary to see the median price soften, inventory increase, and sales volume decline during the fall months. Overall there is still a higher demand than there was last year, but the market is very price sensitive. Buyers simply aren’t pulling the trigger on overpriced homes (sellers, please consider that). By the way, if you missed my post last week, I gave some perspective on “real estate bubble” conversations, and it is a very relevant post as we see price metrics begin to soften at this time of year.

Sacramento County Market Trends for September 2015:

  1. The median price has been hovering around $290,000 for 5 months (3.6% higher than last year).
  2. It took an average of 36 days to sell a house last month (up 2 days from the previous month).
  3. Last year at this time it was taking an average of 41 days to sell a house.
  4. FHA sales were 29.5% of all sales last month (nearly 28% of all sales in Sacramento County last quarter).
  5. Sales volume is 10.1% higher so far in 2015 compared to last year.
  6. Sales volume was 13% higher in Sept 2015 compared to Sept 2014.
  7. There is a 1.74 month supply of homes for sale (similar to previous month).
  8. Housing inventory is nearly 30% lower right now compared to Sept 2014.
  9. The average price per sq ft is 188 (5.6% higher than last September).
  10. The average sales price is $314,317 (1.9% higher than last September).

Median price since 2013 in sacramento county

reo and short sales sacramento county 2

seasonal market in sacramento county median price

seasonal market in sacramento county sales volume 2 FHA and cash trends in Sacramento 3

seasonal market in sacramento county inventory 2

inventory - September 2015 - by home appraiser blog CDOM in Sacramento County - by Sacramento Appraisal Blog price metrics since 2014 in sacramento county

Sacramento Regional Trends for September 2015 (Sac, Placer, Yolo, El Dorado):

  1. Sales volume was up 11.5% in Sept 2015 compared to Sept 2014.
  2. Sales volume for the year is up 11% compared with 2014.
  3. The median price at $325,000 is up 4.8% from last year, but down 2.5% from the past few months.
  4. It took an average of 41 days to sell a house last month (2 days longer than last month).
  5. FHA sales were 23% of all sales in the region last month.
  6. There is 2.06 months of housing inventory (same as previous month).
  7. The average sales price is $360,481 (4.3% higher than last year, but down slightly from three months ago at $370K).
  8. It took 4 less days to sell a house this Sept compared to Sept 2014.
  9. FHA sales volume has increased by 30% in 2015 compared with 2014.
  10. Housing inventory is nearly 24% lower right now compared to Sept 2014.

sales volume 2015 vs 2014 in sacramento placer yolo el dorado county

breakdown of sales fha and everything else in sacramento placer yolo el dorado county

breakdown of sales in sacramento placer yolo el dorado county

median price sacramento placer yolo el dorado county

months of housing inventory in region by sacramento appraisal blog

days on market in placer sac el dorado yolo county by sacramento appraisal blog

Placer County Market Trends for September 2015:

  1. Sales volume was up 7.7% in September 2015 compared to September 2014.
  2. Sales volume for the year is up 15.8% compared with 2014.
  3. The median price in Placer County is $389,000 (about 1% higher than last year at the same time).
  4. Cash sales were 18.8% of all sales last month (very normal level).
  5. It took 46 days on average to sell a house last month (same as previous month).
  6. Last year at this time it took 1 day longer to sell a house.
  7. FHA sales were 16.7% of all sales in Placer County last month.
  8. There is 2.42 months of housing inventory (17% lower than last year).
  9. The average price per sq ft is 194 (5.3% higher than last year at the same time).
  10. REOs were 2.6% of all sales and short sales were 1.5% of all sales last month.

Placer County median price since 2014 - part 2 - by home appraiser blog

months of housing inventory in placer county by sacramento appraisal blog

days on market in placer county by sacramento appraisal blog

interest rates inventory median price in placer county by sacramento appraisal blog

Placer County sales volume - by sacramento appraisal blog

I hope this was helpful. Thank you so much for being here.

Quick Pricing Advice:

  1. It’s normal for prices to cool during the fall. This year the market is not as soft as it was last year at this time, but we are still seeing a softening.
  2. Price according to the most recent listings that are actually getting into contract rather than the highest sales from the spring.
  3. Talk about the difference between actives, pendings, and neighborhood sales on your listing appointments and in your appraisals. See How to use a CMA to gauge the temperature of the market for a fantastic way to quickly explain what the market is doing to your clients.
  4. The market is price sensitive, which means buyers are not biting on overpriced listings despite inventory and interest rates being relatively low.
  5. Remember there are many markets within a market, so price according to the neighborhood market rather than county-wide trends since your neighborhood might be more or less aggressive compared to the entire county.

DOWNLOAD 70 graphs HERE (zip file): Please download all graphs in this post (and more) here as a zip file (or send me an email). Use them for study, for your newsletter, or some on your blog. See my sharing policy for 5 ways to share (please don’t copy verbatim). Thanks.

Questions: How do you think sellers and buyers are feeling about the market right now? What are you seeing out there?

If you liked this post, subscribe by email (or RSS). Thanks for being here.

Aggressive demand but modest value appreciation in Sacramento

Is it just me, or has the market felt a bit funky? On one hand demand has felt very aggressive, but actual value appreciation has been fairly modest overall. Let’s take a look at the latest trends in the Sacramento housing market below. If you’re local, I hope the 10 quick trends help give you some talking points with clients. If you’re not local, what are you seeing in your area?

the big picture in real estate

One Paragraph on the Market: More listings came on the market last month, but buyers readily absorbed them. Pendings are still a good 20%+ higher than last year in the Sacramento area, and clean and well-priced properties are getting into contract very quickly. As aggressive as demand has felt though, we haven’t seen the rapid appreciation this Spring that we saw in 2013. Values more or less have experienced a normal seasonal increase, though when compared to sales during the Fall of 2014, prices are clearly MUCH higher since there was a lull in the market last Fall. Overall price levels now generally seem to have recovered back to the height of last Summer (or even a bit higher depending on the area). Well-priced listings are getting into contract VERY quickly, and there have been multiple offers. But at the same time buyers are tending to overlook properties that are overpriced and anything with an adverse location or a lack of upgrades. As housing inventory presumably begins to increase over the next few months, keep an eye out for more price reductions, unrealistic expectations from sellers, and buyers gaining more power from sellers. Remember too the market does not behave the same at every price level or in every neighborhood.

Two ways to read my big monthly market post:

  1. Scan the talking points and graphs quickly.
  2. Grab a cup of coffee and spend a few minutes digesting what is here.

DOWNLOAD 52 graphs HERE for free (zip file): Please download all 52 graphs here as a zip file (or send me an email). Use them for study, for your newsletter, or even some on your blog. See my sharing policy for 5 ways to share.

Sacramento County Market Trends for April 2015:

  1. The median price in Sacramento County is $280,000.
  2. The median price is 5.6% higher than one year ago (April 2014).
  3. It took 42 days to sell a house last month.
  4. Cash sales were only 16.5% of all sales last month.
  5. FHA sales were 27% of all sales in Sacramento County last month.
  6. Sales volume was 9.2% higher this April compared to last April.
  7. There is 1.5 months of housing inventory (1.8 months last April).
  8. The average price per sq ft is 182 (7% higher than last April).
  9. The average sales price is $310,000 (5.7% higher than last year).
  10. It took 3 days longer to sell a house this April compared to last.

CDOM in Sacramento County - by Sacramento Appraisal Blog months of housing inventory by sacramento appraisal blogprice metrics since 2014 in sacramento countyinventory during fall and winter 2 - by sacramento appraisal blog

median price and inventory since 2013 - by sacramento appraisal blog

layers of the market in sacramento county - by sacramento appraisal blogPlacer County Market Trends for April 2015:

  1. The median price in Placer County is $391,500.
  2. The median price is 6.9% higher than one year ago (April 2014).
  3. It took 41 days to sell a house last month.
  4. Cash sales were 17% of all sales last month.
  5. FHA sales were 20% of all sales in Sacramento County last month.
  6. Sales volume was 27.5% higher this April compared to last April.
  7. There is 1.9 months of housing inventory (2.5 months last April).
  8. The average price per sq ft is 200 (3% higher than last April).
  9. The average sales price is $441,163 (3.8% higher than last year).
  10. It took 10 days shorter to sell a house this April compared to last.

days on market in placer county by sacramento appraisal blogmonths of housing inventory in placer county by sacramento appraisal blogPlacer County median price and inventory - by home appraiser blogPlacer County sales volume - by sacramento appraisal bloginterest rates inventory median price in placer county by sacramento appraisal blog

Regional Market Trends for April 2015 (Sac, Placer, Yolo, El Dorado):

  1. The median price in the Sacramento Region is $325,000.
  2. The median price is 9.4% higher than one year ago (April 2014).
  3. It took 44 days to sell a house last month.
  4. Cash sales were 16.9% of all sales last month.
  5. FHA sales were 23.7% of all sales in Sacramento County last month.
  6. Sales volume was 10.5% higher this April compared to last April.
  7. There is 1.7 months of housing inventory (2.1 months last April).
  8. The average price per sq ft is 192 (7.2% higher than last April).
  9. The average sales price is $360,351 (6.9% higher than last year).
  10. It took the same amount of time to sell in April 2015 and April 2014.

days on market in placer sac el dorado yolo county by sacramento appraisal blog

months of housing inventory in region by sacramento appraisal blog

median price and inventory in sacramento placer yolo el dorado county

number of listings in Placer Sacramento Yolo El Dorado county - by home appraiser blog

interest rates inventory median price in sacramento regional market by sacramento appraisal blog

Questions: How do you think sellers and buyers are feeling about the market right now? What are you seeing out there?

If you liked this post, subscribe by email (or RSS). Thanks for being here.