Sacramento Appraisal Blog

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Opendoor is struggling in Sacramento

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Opendoor has been losing big lately in Sacramento since the market shifted. I thought it would be interesting to take a look at their activity over the past few months since I’m getting so many questions about them. This is not about throwing shade, and I’m not writing as a fanboy either. This is objective analysis to help parse what is happening. Enjoy if you wish.

Blue painted old wooden wall - background or texture. There is a white bar with a black title that reads, "Opendoor is struggling in Sacramento."

UPCOMING (PUBLIC) SPEAKING GIGS:
8/25/22 State of Housing Brunch & Learn (sold out)
9/08/22 SAFE CU “Stats & Mimosas” (sold out)
9/15/22 Market update in Midtown (details TBD)
10/07/22 Market update with SAR (Sign up here – On Zoom)

THE MARKET SHIFT HASN’T BEEN KIND TO OPENDOOR:

When looking at Opendoor listings and current pendings, they’ve clearly been struggling in Sacramento over the past few months since the market shifted. I think the general public and real estate community has been in tune with this because we’ve all seen lots of properties listed below their acquisition price. On average the current list price is down about $12,000 from the acquisition price. This doesn’t seem like much, but it also DOESN’T include future real estate fees, credits offered to buyers, the cost of improvements, additional price drops, etc… In short, Opendoor is poised to have an ugly third quarter since 65% of their current actives are listed below the acquisition price.

A table to show stats from Opendoor's current listings in the Sacramento region

OPENDOOR OBSERVATIONS:

  • The company did much better before the market shifted (see below).
  • Opendoor had a few unicorns where they were able to sell for substantially more after buying from an owner. The highest difference over the past few months was $192,000 between acquisition and resale. This means a few owners sold to them WAY BELOW market value.
  • Their closed sales spent about 40 days longer on the market compared to other sales in the region.
  • The median price has ticked down about $40,000 since May in the region, and that’s been brutal for Opendoor’s profitability.
  • Opendoor routinely has a higher percentage of price reductions compared to the rest of the market.
  • Opendoor was struggling to get offers on their listings, but that appears to be picking up. For instance, a few weeks ago 83% of what they had on the market was active, but now that number is 71% in light of more properties getting into contract.
  • A mom-and-pop flipper couldn’t sustain losses like this, but a tech company with massive financial backing might be able to pivot.

RECENT LOSSES

Here is a sample of Opendoor active listings right now in the Sacramento region. They currently have almost 250 active listings, and this portion is representative of the trend.

A sample of Opendoor listings in the Sacramento area (this chart shows profit and loss comparing acquisition price and current list price)

ACTIVE LISTINGS:

Here is a different way to look at Opendoor listings. Anything above the zero percent line is still listed above the acquisition price, whereas anything below is currently below acquisition. 

A look at profit and loss potential among Opendoor listings. This shows how much lower they typically are compared to acquisition price

GRAPHS FROM TRAVIS WRIGHT:

I shared Opendoor data with Travis Wright, who I know from Twitter. I asked him if he wanted to collaborate on this post, and he said yes. So, here is what Travis came up with to help show days on market trends and potential profitability has gone down over time. These visuals divide the closed sales price into the acquisition price, so it’s a potential return. In other words, the images do NOT consider real estate fees, credits, holding costs, repair costs, etc…. Thanks Travis.

OPENDOOR DID BETTER BEFORE THE MARKET SHIFTED:

On average Opendoor came out about $25,000 above their acquisition price when considering sales since May. Does this mean they were profitable? Well, it’s hard to speak to that without knowing their numbers. I’ll just say this looks really tight when considering the gross figure doesn’t account for the following yet: real estate commissions, holding costs, improvements made, and credits. The part that really stands out to me is an average of 155 days from acquisition to closing, which means Opendoor has been holding properties for about five months. If someone has specific insight on profitability, you are welcome to comment below.

Opendoor Closed Sales Data (a table with lots of nuggets)

CLOSED SALES:

Here is a look at the difference between the acquisition and closed price for sales between May and August so far. This looks much different compared to what is happening with their listings right now. Anything above the zero line represents properties that sold for more than their acquisition price. Again, this doesn’t automatically mean the company was profitable.

OPENDOOR HAS BEEN STAYING ON THE MARKET TOO LONG

Properties took an average of 18 days to get into contract over the past few months in the region, but Opendoor listings took an average of 59 days. Some have wondered if staying listed longer is a marketing strategy to keep the sign in the yard longer. Whatever the case, it’s been blatant in my opinion that they’ve had an issue lingering on the market for too long. I suspect listing at a lofty level worked a little easier during an appreciating market where value could maybe catch up to a higher list price. Can it work in a changing market today with less demand? We’ll see.

CLOSING THOUGHTS:

Opendoor has been trying to crack the code, and the market shifting in recent months has been a monkey wrench in their operation to say the least. The median price dropped a little more than 6% since May in the Sacramento region (about $40,000), and this type of market change has dealt a massive blow to Opendoor’s current holdings at least. 

It’s easy to bash Opendoor because they’re trying to challenge the traditional model, but I wouldn’t write them off yet because they recently partnered with Zillow, they’re spending a ton of money on marketing, and they have a war chest of greenbacks at their disposal. In fact, Mike DelPrete states “Opendoor’s advertising spend has skyrocketed this year, higher during the first six months of 2022 than ALL of last year.” Don’t get me wrong, it’s well-publicized that this company has lost over a billion dollars thus far. I’m just saying the future hasn’t happened yet, so it’s important to keep watching.

Are things starting to turn? Opendoor was struggling to get into contract, but it looks like they’re starting to attract more buyers to their listings. For instance, a few weeks ago 83% of what they had on the market was active, but now that number is 71%. Are price reductions making a difference? Or is it the $3,500 incentive they announced a few weeks ago? We need time to understand.

Let’s keep watching, and I’ll keep reporting stats and perspective. If this post does well, I’m glad to follow up again.

RESOURCES:

  1. Mike DelPrete puts out the best iBuyer data. I highly recommend subscribing to his blog. Mike was kind enough to trade some emails with me this week. Here’s his latest talk (WTF 2022).
  2. Tyler Okland puts out lots of Opendoor analysis. In fact, he recently wrote about Opendoor’s struggle in Phoenix. I follow him on Twitter, and a few weeks back Tyler affirmed Opendoor numbers were lackluster in Sacramento.

I hope this was helpful.

MARKET STATS: I’ll have lots of market stats out this week on my social channels, so watch Twitter, Instagram, LinkedIn, and Facebook.

Thanks for being here.

Questions: What stands out to you the most above about Opendoor? What did I miss? Anything else to add?

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

The inventory myth & dipping prices

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Let’s talk about two things today. The myth of six months of inventory being normal and dipping prices. I’d love to hear your take in the comments.

A torn piece of paper in front of a wood background. The paper gives the title of today's blog post, which is, "The inventory myth & dipping prices."

UPCOMING (PUBLIC) SPEAKING GIGS:
8/25/22 State of Housing Brunch & Learn (sign up (for real estate community))
9/08/22 SAFE CU “Stats & Mimosas” (sign up (for real estate community))
9/15/22 Market update in Midtown (details TBD)

IS SIX MONTHS OF SUPPLY NORMAL?

Here’s how the conversation goes lately. “Bro, don’t worry about having two months of supply right now because we’re so far from a normal market of five to six months of inventory.” Have you heard that? I’ve seen it a gazillion times on Facebook and Instagram. But here’s the deal. There is NO such thing as a normal six-month supply level that applies in every local market.

LOCATION REALLY MATTERS:

This is one of my favorite visuals from John Burns Real Estate Consulting, and I got it from Rick Palacios Jr.. Check out the red bars, which signify the months of supply needed to see price declines in various areas. Do you see how prices would decline in Orlando with about a six-month supply of homes? And Las Vegas would drop closer to three months, right? But check out Charlotte because it can apparently handle one year or more of supply. In Sacramento, the market is said to have healthy price appreciation under 1.5 months, mixed results between 1.6 to 3.2 months, and price depreciation above 3.3 months.

A bar graph from John Burns Real Estate Consulting to show housing supply in various markets across the country (and where prices would rise, flatten, and decline)

MY TAKE ON THE GRAPH:

I can’t speak for every market here, so I’d love to hear if this lines up with your area. All I know is this visual is more or less in sync with local trends. In short, any time we’ve been too much above three months of supply over the past two decades in Sacramento County (or more or less in the region), we’ve been in a declining market. The trend got really soft also in 2014 and 2018 as we hovered between 2.5 to 3.0 months. Right now, we have 2.14 months of supply in Sacramento County and 2.38 months in the region, and this level is basically in “normal” territory for recent history. For those that say five to six months is the norm in Sacramento, can you imagine doubling inventory? Do you think prices would still be stable? I don’t think so.

UPDATED COMMENTARY ON 9/28/2022:

I wanted to clarify something. The visual above is on point statistically, and I agree with it based on the history of trends. But keep in mind we don’t need to get up to three months of supply to see prices decline. In other words, don’t be rigid or dogmatic about these visuals. We’ve already been seeing a major change in the market despite still having lower supply. Even the image itself says “mixed results” when above 1.6 months. My advice? Believe that.

An important asterisk: Some local counties are okay above three months, so please don’t be dogmatic here. For instance, El Dorado County historically hovers between 3.0 to 3.5 months with no problems.

A line graph to show housing supply in the Sacramento region since 2014 (lower now, but ticking up)

WHY THIS MATTERS (THIS IS NOT A RANT):

I realize my post sounds super petty, but it’s not a rant, and I’m not trying to micromanage what anyone says. Think about it this way. If the real estate community develops a narrative and professional advice based on housing supply being normal at six months, could that lead to some bad local advice or flawed perspective? Yep, I think so. 

QUICK CLOSING NUGGETS:

Let’s remember inventory isn’t the same in every ZIP code and price range. Some locations and price points are going to run higher or lower as a normal trend. For instance, El Dorado County and Placer County both tend to have a higher housing supply than Sacramento County. Or the million-dollar market historically has more than five to seven months of inventory easily, but that level of supply for the entire market would be disastrous.

I hope this was helpful. Thanks for being here.

Any thoughts?

—–——– DEEP MARKET UPDATE (PRICES AND VOLUME) ———––

Here are some quick thoughts about home prices and stats for July / August so far. There is so much to talk about.

Scroll quickly or digest slowly.

SHARING POLICY: I welcome you to share some of these images on your social channels or in a newsletter. In case it helps, here are 6 ways to share my content (not copy verbatim). Thanks.

Let’s look at price trends, but volume first…

DROPPING PENDING VOLUME & SALES VOLUME:

There are many metrics to watch, but dropping pending volume and dropping sales volume is huge right now because it speaks to a massive shift in demand in recent months. In the Sacramento region we saw about 24% fewer pending contracts last month based on Trendgraphix data (and about 30% fewer closed sales). For perspective, there have been about 2,250 fewer closed sales from April through early August in the Sacramento region. This is basically like an entire month of sales not happening this year.

Sharp change won’t show up every month: Keep in mind the sharp drop we’ve seen in recent months won’t continue at the same pace every month. Case-in-point. Pending volume was down about 30% in June and 24% in July (per Trendgraphix). We’ll see where it goes in August once the month is over. I’m just saying we saw a sharp change between May and June, and that sort of intense change isn’t going to be present every single month.

Fewer new listings: We’ve actually been seeing fewer new listings hitting the market over the past couple of months, and it’s possible that dynamic can slow the pace of sharp change too. I’ve observed slightly more multiple offers in recent weeks among pendings, but I’m not writing home over that yet. In short, it’s to be determined what the black line does, so let’s keep watching.

PRICE REDUCTIONS:

About half of all active listings have had a price reduction in the Sacramento region. Here are stats as of two days ago.

WHAT ARE PRICES DOING?

First off, I’m less interested in prices because it’s the last place the trend shows up (I wrote about that here). With that said, prices are dipping right now. This is what normally happens for the season, so it’s not unexpected to see price declines at this time of year. Yet, today we are seeing slightly more pronounced seasonal declines as shown in the images below. Keep in mind the temperature isn’t exactly the same in every single price range and neighborhood either (so save your hate mail). I’m talking about the market as a whole.

Ch-ch-ch-change: We’re living in the midst of change, and we are still toward the beginning of a market that shifted away from the most aggressive two-year stint we’ve seen. It’s like we were on an extended luxury honeymoon and now we’re back home trying to figure out what life looks like. In short, let’s keep watching prices by the week and month to understand what is happening seasonally as well as the bigger picture (up or down market cycle). But like I alluded to above, we have to be careful about focusing too much on prices. In my mind, the bigger issue in today’s market is the homes that aren’t selling rather than the price of homes that are selling. Know what I’m saying?

PRICE GROWTH IS SLOWING:

Instead of being up 15-20% from last year, we’re starting to see stats closer to 6% or so (though each county is different). In a normal year we should see a slight dip for the next couple of months and then a bit of a flat median price trend. Let’s keep watching to see what happens. But there is a little bump sometimes in the fall too as buyers tend to have one last rush on the market before the holidays, so be on the lookout.

PRICES BETWEEN JUNE & JULY:

Here’s some context to help show what normally happens between June and July each year to the median price. Look, the market isn’t always exactly the same between these two months, which is why we want to take a wide view to interpret change today. Basically, the percentage difference today is technically about the same as last year, so be careful about sensationalism based on these stats. However, over the past few months we’ve seen change that is more pronounced (see a few images below).  

Some sellers are trying to use Jedi mind tricks instead of proper pricing.

New visuals: I’m still figuring out if I like these next two new visuals, but I’m experimenting to show what price growth looks like throughout the year. These images help show what the median price does from month to month. For instance, the most recent portion of the black line below shows the median price change at -2.3% in July. This percentage represents the change between June and July this year, and it’s clear this is on the lower side of normal (or like I said above, a more pronounced price decline).

Price rhythm: What normally happens to prices during the year? Well, the red line below goes up during the beginning of the year, dips, and then rebounds slightly toward the end of the year. I’ll be adding to this visual as the year unfolds so we can get a sense of price changes today. If you have better ideas for visualizing the market too, I’m open ears.

A line graph to show the percentage price change each month in the Sacramento region

YEAR OVER YEAR STATS:

Annual stats are important to digest, but don’t forget to look at month to month stats. And remember, closed sales in July really tell us what the market used to be like in June when the bulk of these properties got into contract. Also, not every location and price range have the same trend (big point).

MONTH TO MONTH:

Looking at sequential months is key too so we don’t just get stuck or hyper-focused on last year (the past).

OTHER VISUALS:

Here are lots of visuals. Probably more than you wanted. Enjoy if you wish though, and let me know what you like best.

MARKET STATS: I’ll have lots of market stats out this week on my social channels, so watch Twitter, Instagram, LinkedIn, and Facebook.

Thanks for being here.

SHARING POLICY: I welcome you to share some of these images on your social channels or in a newsletter. In case it helps, here are 6 ways to share my content (not copy verbatim). Thanks.

Questions: What do you think about six months of supply being normal? What are you seeing out there in the market? I’d love to hear your take.

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

Advice for buyers & sellers in today’s housing market

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The housing market has shifted, and today I have some practical advice for buyers and sellers. This is coming from hundreds of conversations every month as well as stats I’m pulling. Some new memes too. Enjoy if you wish.

Weathered wooden background with the title, "Advice for buyers and sellers" in a white block in the middle of the image

UPCOMING (PUBLIC) SPEAKING GIGS:
8/11/22 Realtist Lunch & Learn (sign up here (open to anyone))
8/15/22 YouTube Live with Matt Gouge at 3pm PST (watch here)
8/25/22 State of Housing Brunch & Learn (sign up (for real estate community))
9/08/22 SAFE Credit Union Market Update (details TBD)

ADVICE FOR BUYERS:

Don’t lowball like it’s 2008: It’s not a name-your-price market, so you still have to make reasonable offers instead of way below market value. I find some buyers think it’s 2008, and that’s not the vibe right now. For instance, a property was priced well at $450,000 and a buyer offered $320,000 (final closed price was $455,000). If you get lucky at a low level, great. I’m just saying, being reasonable rather than lowballing is likely a better strategy.

Be patient: Instead of selling in hours or days, properties are spending weeks or longer on the market. This is a real advantage for buyers, so you can take more time to shop. Yet, if you find something perfect, be swift since properties that check all the boxes are going quickly with multiple bids. 

Ask for credits (if you can): We’re tending to see more buyers asking for credits to help with closing costs or repairs, so talk with your agent about whether asking for credits is something the market will allow (big point). Remember, this isn’t going to work in every price range or situation.

Buy down the rate if possible: Talk to your loan officer about what it would take to buy down the mortgage rate. This means you can pay more to get a lower rate. Or better yet, if you’re in a situation where the seller is going to offer a credit, consider using that credit to buy down the rate. Getting your monthly payment lower can be a massive financial win.

Target overpriced listings: Overpriced homes represent opportunities for buyers, so go after them. Of course, some sellers are stubborn about accepting offers below their unrealistic list price. 

Don’t overpay: On one hand it’s unwise to lowball as a strategy, but still try to get the price lower if possible. Local stats show even when properties get multiple offers today, they aren’t tending to get bid up to the crazy levels we saw last year. Generally speaking, you probably don’t need to offer as aggressively high as you might have two quarters ago. In Sacramento last month we saw buyers on average pay about 2% below the original list price (which is about $12,000 below). This is the average though, so it would be a colossal mistake to automatically offer $12,000 below whatever the asking price is (seriously). Remember, there are many examples of offers still going above the list price, so don’t impose an average on every escrow. All that said, try to get in below the list price if you can because that’s becoming more common. But recognize this is a case-by-case situation that depends heavily on what the property is actually worth and how close pricing was to market value.

Realize there is still competition: About 37% of homes last month in the Sacramento region sold above the original list price, so not everything is selling below like some are talking about. Remember, selling above or below the list price isn’t just about the market. It’s about how the property was priced.

Don’t string sellers along: An agent friend told me about a situation where the buyer was in contract for 40 days and then backed out. Look, it happens, and buyers should back out as needed, so I’m not saying to stay. Do what you need to do. All I’m saying is if you’re on the fence, find a way to be decisive so you can give the seller more space to find another buyer. In a market with quick change, idling buyers can cost the seller money.

ADVICE FOR SELLERS:

Don’t expect to call the shots: Sellers are no longer getting to dictate all the terms, so be careful about expecting buyers to bend to your will.

Be ready to negotiate: You’ve lost power and you need to be prepared to offer credits to buyers and negotiate as needed. Look, your net profit will be lower if you reduce the price or offer a credit, but focus on the bigger issue of how much money you’re making with historically high prices.

Plan for fewer offers: Don’t expect multiple bids, but if it happens, great. The truth is you might only get one offer. I’ve heard a number of sellers holding out for more offers, which is bold move today.

Realize demand has truly shifted: In the Sacramento region there were 30%+ fewer buyers last month compared to one year ago. This has caused supply to shoot up very quickly, which means buyers have more options. The good news is about 70% of the market is still active, but it’s no joke to see a sizeable chunk of buyers sitting on the sidelines.

Forget about hot headlines from the past: The market has changed. We’re not blazing like we were six months ago. My advice? Scrap hot headlines and get familiar with the housing temperature today. It doesn’t matter what cryptocurrency sold for in March. The only thing that matters is what it’s selling for today. It’s the same in real estate. What is competitive to your house and getting into contract right now? That’s the key for pricing.

Don’t get offended over requests for credits: Buyers are forking over big bucks to purchase a home right now due to higher prices and a spike in rates. This means some buyers are going to want help with closing costs or repairs. A seller recently got bent out of shape with a buyer asking for a credit, and to me that showed the seller was simply out of touch with today’s trends.

Prepare your house like it was a first date: If you can, take care of basic cosmetic repairs prior to listing. It’s like going on a date. You want to impress and put your best foot forward. Buyers today have more space to scrutinize details, so tightening up details gives buyers fewer reasons to say NO. 

Help the escrow be fast: Buyers are pickier about staying in contract, so do all you can to help the escrow be smooth and quick. An escrow with fewer surprises and hurdles is a good thing right now. The last thing you want is for buyers to be stuck waiting while uncertainty is growing. On that note, it might not be a bad idea to take care of Section 1 damage prior to listing (or get a pest report so the buyer is informed prior to making an offer). 

Don’t get stuck on the original list price: There is nothing holy about the list price, so don’t get stuck there. If the market isn’t biting, it’s time to reduce the price. In the Sacramento region we historically only see about 14% of properties sell at the original list price, so 86% of the time the price is literally going either higher or lower. And in today’s market, there is a better chance of going lower rather than higher.

Stop believing in unicorns: Look, everyone hopes for a mythical buyer to swoop in and pay more. In Sacramento, it’s a Bay Area buyer, and I suspect in many other states it’s a cash buyer from California. Keep in mind only about 15% of the local market has been cash, so it seems wise to price for 85% of transactions that are financed. Don’t price for the unicorn!!!

Be in tune with picky buyers: Buyers are pickier about condition, location, and price. Buyers can be this way for two reasons: 1) It’s more difficult to afford a house with today’s prices and higher rates; and 2) There is more supply, so there are more options.

Buying down the rate is NOT your silver bullet: I’m hearing lots of people talk about keeping the price high and giving a credit to the buyer to buy down the rate. I get the sentiment because a lower rate helps the buyer, but this is ultimately a seller-oriented narrative. It’s especially common to hear this from builders with new construction. The truth is some buyers are going to want a price reduction as well as a credit. As a seller, you’re going to have to see what the market allows you to do rather than dictating the terms.

I hope this was helpful.

MARKET STATS: I’ll have lots of stats out this week on my social channels, so watch Twitter, Instagram, LinkedIn, and Facebook.

Thanks for being here. I truly appreciate it.

Questions: What resonated with you the most? What did I miss?

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

Buyers are making less aggressive offers

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Good news. Buyers aren’t having to make aggressive offers like they used to (even when there are multiple offers). Let’s talk about this today. I suspect this is true in many areas across the country. I’d love to hear your take.

A green background with a wooden table at the bottom. The caption reads, "Buyers are making less aggressive offers."

UPCOMING (PUBLIC) SPEAKING GIGS:
8/11/22 Realtist Lunch & Learn (sign up here (open to anyone))
8/15/22 YouTube Live with Matt Gouge (details TBD)
8/25/22 State of Housing Brunch & Learn (sign up (for real estate community))

1) Buyers are finally getting in below the list price

On average properties sold about 2% below the original list price last month in the region, which means buyers are not having to endure insane bidding wars to get an offer accepted (most of the time). This is a far cry from last year when the average was 3% above the original list price. Keep in mind an average below doesn’t mean everything is selling below the list price. 

The sales price to original list price percentage. A line graph of the Sacramento region from 2018 onward.

2) Bidding wars aren’t completely dead like some think

“Everything is selling below the list price.” That’s what some people think, but it’s not true. Seriously, there are still multiple offers in today’s changing market. In fact, 47.0% of sales last month had more than one offer in the Sacramento region per MLS stats.

A line graph to show the percentage of multiple offers in the Sacramento region since January 2017. The graph sort of goes up and down depending on the time of year.

3) Offers from buyers are becoming less aggressive

The table below studies sales that ONLY had multiple offers, and the big takeaway is that when multiple offers happen, properties aren’t getting bid up way beyond the list price like last year. I realize this isn’t a shocker, but seeing it in the stats is important. There are also more properties today that had multiple bids and still sold below the original list price. Sellers, did you hear that? It’s easy to think, “multiple offers = selling way above the list price.” Nope. Today you might get a few offers at best, but buyers are getting used to the idea of making less aggressive offers and expecting concessions too.

4) There are fewer properties getting bid up 10% and more

Here’s another way to see the difference between last year and this year. I know, there are way too many orange dots, but can you spot more sales last year going above the original list price (above the 0% line)? There were so many more properties last year that sold above 10% too. Also, there’s been a big drop in the number of sales this year (fewer dots).

A scatter graph to show the percentage of properties with multiple offers and how much they sold in relation to their original list price

A scatter graph to show the percentage of properties with multiple offers and how much they sold in relation to their original list price (2021 stats)

5) A spike in supply is giving buyers more control

We’ve seen a sharp uptick in available listings over the past few months, which means buyers are gaining power from sellers and having more time to make decisions. These stats below only represent listings on August 1st, which might seem like a strange thing to publish, but the monthly trend actually looks the same. Anyway, there are about 1,800 more listings than last year, which is also still a few hundred lower than the pre-pandemic normal. As I’ve been saying, a spike in inventory is NOT due to more sellers listing their homes. This is really about fewer pending contracts happening. In other words, the change in supply is due to a change in demand. Technically, the number of listings looks almost normal, but the abnormal thing happening right now is a 30%+ drop in pending volume (more on that soon).

This bar chart shows the number of active listings on August first each year in the Sacramento region

Check out the number of available listings in today’s market compared to last year at the same time. Keep in mind we saw massive price growth from one year ago, which explains more listings above $500K in particular.

This bar chart compares the number of active listings in the Sacramento region by price range (comparison of 2021 and 2022).

CapRadio Interview: Last week I did an interview with our local NPR station. We talked about housing demand, uncertainty salad, and lots of things. It’s about ten minutes. Check it out here if you wish.

MARKET STATS: I’ll have lots of stats out this week on my social channels, so watch Twitter, Instagram, LinkedIn, and Facebook.

Thanks for being here. I truly appreciate it.

Questions: What are you seeing happen with offers right now? What advice do you have for buyers or sellers? I’d love to hear your take.

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

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