Wednesday, January 9, 2013

Sacramento County Median Home Price has Increased 20% in the Last Twelve Months in 2012...

Well...If you have been following my blog for a while, or are friends with me on Facebook or Twitter -- then you will already know that I over the last year I have been reporting some substantial changes to our Sacramento real estate market.

In past posts about the market dynamics and statistics, I have noted a decrease in the number of homes for sale on the market, and a huge increase in buyer demand.

Well you don't have to be an economics professor to know that a decrease in supply and an increase in demand will drive prices up. As I mentioned in an article I wrote for the "Masters Club" section that appeared in the Sacramento Bee and in Sacramento Magazine in May of 2012 -- the bottom of the Sacramento real estate market had passed. This graph should provide anyone in doubt some pretty concrete evidence that this is true. According to data in Metrolist MLS, in the last 12 months ending in December 2012, the median home price in Sacramento County has increased nearly 20%.

Now is a phenomenal time to sell (even if you must do a short sale). I'm experiencing multiple offers on all of my listings, which is definitely placing sellers in the driver's seat of the transaction; generally buyers are more willing to pay more, they tend to try to negotiate fewer repairs, and release contract contingencies sooner.

No comments: