Hi, I wanted to take some time to do an overview of Sacramento's real estate market. Sales have declined by 1.1% from the previous month. In comparison to last year sales are up 8.8%. Homes financed with Cash made up 9.5% of the market. Those stats slightly debunking the bay area myth, I say slightly because there's a good chance the buyer from the bay used cash mixed with a conventional loan to complete the purchase. Speaking of conventional loans, 68% of the buyers market in Sacramento are financing their purchase with an Conventional loan. Folling with FHA at 15% and VA making up 1.8%.
Prices continue to rise. The median home price went from $438,000 to $439,950, an increase from .4%. In comparison to 2019, home prices have increased by 14.3%. Supply and demand is the cause of the continuing rise of home prices. Inventory, the amount of homes for sale have decreased .3%. In comparison to 2019, there is a decrease of 45% of homes available for purchase. In other words there are 1,048 less homes for sales than it was this time last year. California gold rush has been reborn in Real Estate.
The average days on market for homes listed has decreased from 18 days to 15 days. Of the total 1,695 sales completed during the month, 1,463 were on the market for 30 days or less. 95% of the homes sold 60 days or less. If your looking to buy a home you would have more options if you're looking below $200,000 or on the contrary above $750,000. If you or anyone you know are interested in selling they're home now would be a great time. Just make sure they contact me (916) 968-7159.
Tavon WillisDRE #02095751
(Source: Sacramento Association of Realtors)