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?
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:
- Scan the talking points and graphs quickly.
- 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:
- The median price in Sacramento County is $280,000.
- The median price is 5.6% higher than one year ago (April 2014).
- It took 42 days to sell a house last month.
- Cash sales were only 16.5% of all sales last month.
- FHA sales were 27% of all sales in Sacramento County last month.
- Sales volume was 9.2% higher this April compared to last April.
- There is 1.5 months of housing inventory (1.8 months last April).
- The average price per sq ft is 182 (7% higher than last April).
- The average sales price is $310,000 (5.7% higher than last year).
- It took 3 days longer to sell a house this April compared to last.
Placer County Market Trends for April 2015:
- The median price in Placer County is $391,500.
- The median price is 6.9% higher than one year ago (April 2014).
- It took 41 days to sell a house last month.
- Cash sales were 17% of all sales last month.
- FHA sales were 20% of all sales in Sacramento County last month.
- Sales volume was 27.5% higher this April compared to last April.
- There is 1.9 months of housing inventory (2.5 months last April).
- The average price per sq ft is 200 (3% higher than last April).
- The average sales price is $441,163 (3.8% higher than last year).
- It took 10 days shorter to sell a house this April compared to last.
Regional Market Trends for April 2015 (Sac, Placer, Yolo, El Dorado):
- The median price in the Sacramento Region is $325,000.
- The median price is 9.4% higher than one year ago (April 2014).
- It took 44 days to sell a house last month.
- Cash sales were 16.9% of all sales last month.
- FHA sales were 23.7% of all sales in Sacramento County last month.
- Sales volume was 10.5% higher this April compared to last April.
- There is 1.7 months of housing inventory (2.1 months last April).
- The average price per sq ft is 192 (7.2% higher than last April).
- The average sales price is $360,351 (6.9% higher than last year).
- It took the same amount of time to sell in April 2015 and April 2014.
Questions: How do you think sellers and buyers are feeling about the market right now? What are you seeing out there?
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