Sacramento Housing Numbers
Charts are good for viewing what the data of the Sacramento housing marketing is doing. This chart of the number of Homes for Sale and Homes that Sold shows that there are many more homes for sale than are being sold. The charts are showing a strong change from last year. In January of 2013 there were 1,249 properties for sale; and, in January of 2014 there were 2,356. That is almost double the number of properties for sale.
Despite the large numbers of properties for sale, fewer properties actually sold during January of this year than January of last year. Even the numbers of pending sales are down. This could be the QM mortgage effect or the housing marketing is slowing down, or even the prices are too high for investors and the homeowners are not coming into the market in strong numbers. This may be a great buying opportunity for home buyer.
The Months of Inventory chart shows how long there will be real estate inventory available if sales continue at their current rate. The more houses for sale, the more it becomes a buyers’ market. The less houses for sale, the more it is a sellers’ market. The Sacramento area is adding to the inventory. This is helping buyers have a better choice of properties. If this trend continues we will move into a strong buyers’ market and the sellers will have a longer time selling their property.
The last chart shows the average asking price and the average price that homes sold for. This chart can be a bit confusing. The two lines represent different sets of homes; it’s not saying that homes are selling for less than the asking price. It’s saying that the average asking price is higher than the average selling price.
On the graph you can see that the Sold price has begun to go down. Houses made a move to the lower side of the selling price. This is an important trend. If prices keep moving lower this could change the Sacramento market, but if it is a one-time event then Sacramento will remain a strong real estate buying community.
The Sacramento housing market is very complicated with mixed and short data. Knowing the ins and outs of the market place puts you in a place of advantage. CLA Sacramento and Foothills real estate agent Dan Parisi has built a real estate team to help his clients navigate the current real estate market. Let us do a custom market evaluation to see where your property value stands at this time.
*All reports are published January. 2013, based on data available at the end of January 2014.
All reports presented are based on data supplied by the Metrolist MLS. The Metrolist MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the Metrolist MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.