Monday, March 3, 2014
Sacramento Median Home Price February 2014
Sacramento's median home price for February 2014 bounced back up to $260,000. This does not surprise me at all, and February was a brisk month for my business. I'm guessing March will be brisk too with lots of closings given there's a high number of pending sales...I'm not anticipating a huge upswing in price for next month, and expect things to continue with some modest price appreciation this year. Our current median home price is still FAR below the median from the peak of Sacramento's real estate market in the summer of 2005 (which was just a touch under $400,000). But it's nice to say that it's also FAR above the median home price at the bottom of the Sacramento market in winter 2011 (about $160,000). A trend that I am continuing to notice for the last several months is folks who purchased a home at the bottom of the market in 2009-2011 are calling wanting to sell their home and purchase a larger one (or smaller one, relocate to a different neighborhood, etc). If you purchased a Sacramento home during that timeframe, there's a good chance your home has increased in value in the range of 20%-35% depending on when you bought and where your home is located...so it's a great time to do sell and purchase another home. Of course if you would like me to provide you an estimate of your home's value, I'm happy to do that. Just email me.