A recap of the Sacramento real estate market in 2016

High demand. Modest value increases. Price sensitive. Those are ways to describe the real estate market in 2016. Today let’s take a deep look into where the market went last year. This post is long on purpose. You can scan it quickly or pour a cup of coffee and spend some time here. If you aren’t in Sacramento, I hope you can still find some value. Do you see any parallels to your market? Any thoughts? 

P.S. I have some really cool year-in-review images. Please share.

13516718 - white wood texture with natural patterns

DOWNLOAD 76 graphs HERE: Please download all graphs in this post (and more) here as a zip file (including a one-page quick stat sheet). See my sharing policy for 5 ways to share (please don’t copy verbatim). Thanks.

A Market Rush: Overall prices saw a dip these past few months as the regional median price declined 4-5% from summer. This isn’t anything unexpected because it happens virtually every year. Just as there is a season for fishing, fashion, or television, there is also a season for real estate values. Granted, 2016 did have a more aggressive feel in that multiple offers were commonplace, it took an average of 7 less days to sell a home compared to last year, and inventory was sparse at best. In fact, the year closed with the strongest months of sales volume in the past 5 years for November / December. It’s as if there was a rush on the market from September through November that ended up beefing up these year-end stats. Why did sales volume increase? Some say it’s the power of Trump or the anticipation of a new political era. Or it could be buyers were expecting an increase in interest rates and wanted to get in before a rate hike. Or maybe it’s the byproduct of a fall that wasn’t all that dull and a market with strong demand. Or maybe it’s a combination of all or none of the above.  🙂

When looking at the entire year, most price metrics increased 7-9% and sales volume was up a modest 2% overall for the year. Remember, just because price metrics increased by 7-9% does not mean actual values increased by that much (we can talk about that more below if you wish). My sense is prices at lower levels saw larger increases than the middle and upper end of the market, which means a more aggressive bottom tends to create larger increases on paper. I say this because it’s easy to see the median price at 10.5% higher and say, “Values went up by 10.5% last year,” but that just isn’t true for the bulk of the market. On a related note, last week I mentioned trends to watch in 2017, and if I had to add one more thing I would say there could easily be a problem this year with overpricing homes because of so much focus on the market being “hot” without looking at actual data.

A few year-in-review images:

sacramento-county-year-in-review-blog-size

sacramento-region-year-in-review-blog-size

placer-county-year-in-review-blog-size

Sacramento County:

  1. The median price was $315,000 in December (6.5% above last December).
  2. Housing inventory is about 10% lower than it was last December.
  3. Sales volume was 7% lower this December compared to last December, but this year and last were higher than 2012, 2013, and 2014.
  4. It took 3 days longer to sell a house last month compared to November. 
  5. One year ago in December it was taking 4 days longer to sell.
  6. FHA sales volume is down 6% this year compared to 2015 (but 25% of all sales this year were FHA).
  7. Cash sales are down 11% this year (they were 13% of all sales last month).
  8. The average price per sq ft was $202 last month (about the same as November, but 7.5% higher than last year).
  9. The average sales price at $343,670 is down about 4% from the height of summer (but is 6% higher than last year).
  10. When looking at the entire year in Sacramento County it took 33 days on average to sell a home this year.

A few images to show the bottom and top of the market:

all-residential-sales-in-sacramento-county-by-sacramento-appraisal-blog

all-residential-sales-under-100k-in-sacramento-county-by-sacramento-appraisal-blog

all-residential-sales-under-100k-in-2016-in-sacramento-county-by-sacramento-appraisal-blog

million-dollar-market-in-sacramento-county-by-sacramento-appraisal-blog

Some of my favorite images this month:

cdom-in-sacramento-county-by-sacramento-regional-appraisal-blog interest-rates-since-2008 inventory-december-2016-by-home-appraiser-blog median-price-context-in-sacramento-county price-metrics-since-2015-in-sacramento-county-look-at-all

SACRAMENTO REGIONAL MARKET:

  1. The median price was $350,000 in December (7% above last December).
  2. It took 3 days longer to sell compared to the previous month (but 4 less days compared to December 2015).
  3. Sales volume was about 1% lower this December compared to last year.
  4. FHA sales volume is down 6% this year compared to last year. 
  5. Cash sales are down 8% this year compared to last year.
  6. Cash sales were 14.4% of all sales last month.
  7. The average price per sq ft was $208 last month. That’s down about 1% from the height of summer and 8% higher than last year.
  8. FHA sales were 22% of all sales in the region last month.
  9. The average sales price was $387,915 in December. It’s down about 5% from the height of summer but 8% higher than last year.
  10. When looking at the entire year in the region it took 37 days on average to sell a home this year.

Some of my favorite images this month:

median-price-sacramento-placer-yolo-el-dorado-county

regional-inventory-by-sacramento-regional-appraisal-blog

sacramento-region-volume-fha-and-conventional-by-appraiser-blog

inventory-in-sacramento-regional-market

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

PLACER COUNTY:

  1. The median price was $423,925 in December (7% above last December).
  2. It took 2 less days to sell compared to the previous month (but 9 less days compared to December 2015).
  3. Sales volume was about 1% lower this December compared to last year.
  4. FHA sales volume is down 11% this year compared to last year (FHA sales were 18% of all sales in Placer County last month).
  5. Cash sales are down a mere 1% this year compared to last year.
  6. Cash sales were 16% of all sales last month.
  7. The average price per sq ft was $216 last month, which is about as high as it’s been all year (about 8% higher than last year).
  8. REOs were 1.5% and short sales were 1.8% of all sales in Placer County.
  9. The average sales price was $472,130 in December. It’s down about 2% from the height of summer but about 9.5% higher than last year.
  10. When looking at the entire year in Placer County it took 42 days on average to sell a home this year.

Some of my favorite images this month:

regional-market-median-price-by-home-appraiser-blog

months-of-housing-inventory-in-placer-county-by-sacramento-appraisal-blog

placer-county-price-and-inventory-by-sacramento-appraisal-blog

placer-county-sales-volume-by-sacramento-appraisal-blog

days-on-market-in-placer-county-by-sacramento-appraisal-blog

DOWNLOAD 76 graphs HERE: Please download all graphs in this post (and more) here as a zip file (including a one-page quick stat sheet). See my sharing policy for 5 ways to share (please don’t copy verbatim). Thanks.

Questions: Did I miss anything? What are you seeing out there? How would you describe the market? 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.

The slowing, competitive, & price-sensitive market in Sacramento

Slowing down. Competitive. Price sensitive. Still more aggressive than last year. These are all ways I would describe today’s housing market in Sacramento. Let’s unpack the latest trends today to really see the market so we can better understand it and explain it to clients.

slow but competitive market in sacramento - image purchased and used with permission from 123rf - sacramento appraisal blog

4 Hours to write this post: This post usually takes easily 4-5 hours to write each month. Keep in mind I create 50-60 graphs and then break down the trends into bite-sized talking points. I honestly LOVE doing this, and the goal is to be able to use the information for life and business. Why am I mentioning this? I just wanted to let you know how much I value helping us stay in tune with the market. New readers, the three other monthly posts are short, sweet, and general, but this one is long and hyper-local.

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 54 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: Last month I talked about how the market has been slowing down. Sometimes when we say “slow”, it can really freak people out. But it’s actually very normal for real estate to soften during the later summer and fall after a more aggressive buying season in the spring. Moreover, when the market does change, it’s simply an opportunity to price more efficiently and explain the changing market to clients. The danger is when we say the same thing about the market all year long despite the trends really not being the same. What are some of the signs of slowing? It took 4 days longer to sell a home last month than the previous month in the Sacramento region. Housing inventory increased slightly in the surrounding four counties last month. The sales to list price ratio decreased by 1% last month. The median price in Sacramento County has been the same for four months in a row. The median price in the Sacramento region has declined by 1% over the past few months. I could go on and on. Of course let’s remember that sales volume is up by a whopping 10.9% so far this year in the region, and housing inventory is actually 22% lower right now in the region compared to the same time last year. Ultimately it’s still very competitive out there as buyers are hungry to get into contract before interest rates rise too much or while they feel like they can still afford the market (that’s so 2004). All year the market has been remarkably price sensitive too, which means buyers have been hesitant to write offers on overpriced homes. As housing supply presumably continues to increase over the next few months, watch out for price reductions to continue to increase, unrealistic expectations from sellers, and buyers gaining more power.

Sacramento County Market Trends for August 2015:

  1. The median price has been hovering at $290,000 for 120 days.
  2. It took an average of 34 days to sell a house last month (up 3 days from July).
  3. Last year at this time it was taking an average of 40 days to sell a house.
  4. FHA sales were nearly 27% of all sales in Sacramento County last month.
  5. Sales volume is 9.7% higher so far in 2015 compared to last year.
  6. Sales volume was 15% higher in August 2015 compared to August 2014.
  7. There is a 1.76 month supply of homes for sale (slightly lower than July).
  8. Housing inventory is nearly 27% lower right now compared to August 2014.
  9. The average price per sq ft is 185 (5.5% higher than last August).
  10. The average sales price is $319,636 (slightly lower than past two months).

context for median price - by sacramento appraisal blog

CDOM in Sacramento County - by Sacramento Appraisal Blog

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

inventory - August 2015 - by home appraiser blog

price metrics since 2014 in sacramento county

number of listings in sacramento - August 2015 - by home appraiser blog

sales volume in Sacramento County

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

  1. Sales volume was up 12.8% in August 2015 compared to August 2014.
  2. Sales volume for the year is up 10.9% compared with 2014.
  3. The median price at $328,825 is up 6% from last year, but down 1% from the past two months.
  4. It took an average of 39 days to sell a house last month (4 days longer than last month).
  5. FHA sales were 23% of all sales in the region last month.
  6. There is 2.05 months of housing inventory (up from 1.98 last month).
  7. The average sales price is $367,545 (4.2% higher than last year, but down slightly from two months ago at $370K).
  8. It took 3 less days to sell a house this August compared to August 2014.
  9. FHA sales volume has increased by 30% in 2015 compared with 2014.
  10. Housing inventory is nearly 22% lower right now compared to August 2014.

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

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

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

months of housing inventory in region by sacramento appraisal blog

breakdown of sales in sacramento placer yolo el dorado county

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

Placer County Market Trends for August 2015:

  1. Sales volume was up 11.7% in August 2015 compared to August 2014.
  2. Sales volume for the year is up 17% compared with 2014.
  3. The median price in Placer County is $402,900 (increased from last month, but it’s been hovering from $390-400K generally).
  4. Cash sales were 18.5% of all sales last month (very normal level).
  5. It took 46 days on average to sell a house last month (6 more days than July).
  6. Last year at this time it took 1 day longer to sell a house.
  7. FHA sales were 19% of all sales in Placer County last month.
  8. There is 2.35 months of housing inventory (up from 2.17 months in July).
  9. The average price per sq ft is 201.8 (been hovering around this level for a few months).
  10. REOs were less than 2% of all sales and short sales were roughly 2.5% of all sales last month.

days on market in placer county by sacramento appraisal blog

Placer County sales volume - by sacramento appraisal blog

months of housing inventory in placer county by sacramento appraisal blog

Placer County median price and inventory - by home appraiser blog

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

Regional market median price - by home appraiser blog

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

Quick Pricing Advice:

  1. Remember it is normal for the market to cool off during the latter part of the year. Knowing seasonal cycles and communicating them is key.
  2. Price according to the most recent listings that are getting into contract rather than the highest sales from the spring. Remember, it’s normal for housing inventory to increase during the fall, so this will only allow buyers to be more picky.
  3. The market is still very price sensitive, which means buyers are not biting on overpriced listings despite inventory and interest rates being relatively low.
  4. 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 54 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.

Seeing the signs of a slowing market in Sacramento

I’ve been saying things like, “How did you get so big?” lately to my kids. Sometimes I look at them and just wonder where the time has gone, and how it’s even possible that my oldest is starting to look more like a teenager every day. It’s both sobering and exciting. The truth though is it’s taken 12 years for all this change to happen in my son, but I don’t always see the growth every single day until all of the sudden he looks bigger or older. Can you relate?

slower market - image purchased from 123rf and used with permission by sacramento appraisal blog

No way, the market isn’t slowing: The same thing happens with real estate. It’s easy to plug away and use all the normal cliches to describe the market, but when we pause to really take a closer look, we begin to notice things are different. Let’s take a deeper look into the numbers below. If you’re local, absorb what is here and feel free to share some of the talking points with your contacts. If you’re out of town, I’d love to hear about your market. Email subscribers, I recommend reading this big monthly post on the blog instead of email.

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 51 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.

One Paragraph to Describe the Sacramento Market: The housing market has had an aggressive feel for most of the year. Pending sales have been a good 10-15%+ higher than normal, sales volume in the Sacramento region is up 10% this year, and values have seen a modest seasonal uptick too. Overall the market is still quite competitive in some price ranges because inventory and interest rates are still low, but there have been some subtle changes lately that help us see the market is beginning to slow down. Remember, it is normal for markets to slow, and the past two years have seen a very definitive seasonal market where the Spring is hot and the Fall is soft. For instance, it took 2 days longer to sell a home last month compared with the previous month, price reductions are growing in number, the median price in Sacramento County has been hovering at the same level for 90 days, interest rates have seen a minor increase, and housing inventory has seen a slight uptick. As housing supply presumably continues to increase over the next few months, watch out for more price reductions, unrealistic expectations from sellers, and buyers gaining more power.

I’m NOT saying the market is declining. I’m simply saying the strong seasonal market is showing signs of beginning to slow. Those who take notice can make informed real estate decisions and/or help clients price their homes properly (see 3 points below about pricing).

Sacramento County Market Trends for July 2015:

  1. The median price has been hovering at $290,000 for 90 days.
  2. It took an average of 31 days to sell a house last month (30 in June).
  3. Cash sales were 16.7% of all sales in July (very normal level).
  4. Short Sales and REOs were only 4% of sales last month.
  5. FHA sales were 26.5% of all sales in Sacramento County in July.
  6. Sales volume is 8.6% higher so far in 2015 compared to last year.
  7. Sales volume was 12% higher in July 2015 compared to July 2014.
  8. There is a 1.9 month supply of homes for sale (1.6 in June).
  9. The average price per sq ft is 185 (6% higher than last July).
  10. The average sales price is $320,732 (slightly lower than previous month).

price metrics since 2014 in sacramento county

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

CDOM in Sacramento County - by Sacramento Appraisal Blog

inventory - July 2015 - by home appraiser blog

sales volume through june 2015 in sacramento county

median price and inventory since jan 2013 - by sacramento appraisal blog

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

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

  1. Sales volume was up 14.5% in July 2015 compared to July 2014.
  2. Sales volume for the year is up 10.3% compared with 2014.
  3. The median price at $330,000 is up 6% from last year, but down 1% from the past two months.
  4. Cash sales were 17% of all sales last month (very normal level).
  5. It took an average of 35 days to sell a house last month (33 days in June).
  6. FHA sales were 23.1% of all sales in the region last month.
  7. There is 1.98 months of housing inventory (up from 1.85 in June).
  8. The average sales price is $367,775 (6.8% higher than last year, but down slightly from previous month at $370K).
  9. It took 5 less days to sell a house this July compared to July 2014.
  10. Distressed sales were less than 4% of all sales last month (REOs / Short Sales).

median price and inventory in sacramento placer yolo el dorado county

Regional market median price - by home appraiser blog

days on market in placer sac el dorado yolo county by sacramento appraisal blogmonths of housing inventory in region by sacramento appraisal bloginterest rates inventory median price in sacramento regional market by sacramento appraisal blog

Placer County Market Trends for July 2015:

  1. The median price in Placer County is $395,000 (it’s been hovering between $391,000 to 401,000 over the past few months).
  2. The median price is 4.2% higher than one year ago (July 2014).
  3. It took 40 days on average to sell a house last month (4 more days than June, but 5 less days than last year).
  4. Cash sales were 16% of all sales last month.
  5. FHA sales were 18.8% of all sales in Placer County last month.
  6. Sales volume was 14% higher this July compared to last July.
  7. Sales volume is up 17.8% in 2015 compared to last year.
  8. There is 2.17 months of housing inventory (up from 1.88 months in June).
  9. The average price per sq ft is is 202 (up from 182 last July).
  10. The average sales price is $430,599 (5.4% higher than July 2014, but lower than June).

Placer County median price since 2012 - by home appraiser blogPlacer County sales volume - by sacramento appraisal blogPlacer County median price and inventory - by home appraiser blogmonths of housing inventory in placer county by sacramento appraisal blogdays on market in placer county by sacramento appraisal blognumber of listings in PLACER county - July 2015 - by home appraiser blog

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

Quick Pricing Advice:

  1. Price according to the most recent listings that are getting into contract rather than the highest sales from the Spring.
  2. Remember how price sensitive the market is right now. Despite inventory and interest rates being low, buyers are not biting on overpriced listings.
  3. Price according to the neighborhood market rather than county-wide trends. The county-wide market may show increases or declines, but your neighborhood might be more or less aggressive compared to the entire county.

DOWNLOAD 51 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.

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.