Friday, August 8, 2014
Sacramento Real Estate Statistics - July 2014
home buying season in our area turns into summer, it's nice to see that pending sales are at a high for 2014, and that the median home price is holding firm. Again last month, we saw the Sacramento County median home price holding firm at $270,000. As I have said this year, It's nice to continue to see a healthy leveling-off of home prices with modest value appreciation. Large spikes are nice and all, but just not sustainable for the long term. While we have more inventory (homes on the market) right now than we saw in Sacramento this time last year, this level of available homes for sale is still really LOW. We have about 2.3 months of inventory in Sacramento County in July. This is not a lot. A market with buyer/seller equilibrium is 5-6 months of inventory. Homes are taking an average of 37 days to sell. I'm seeing more price reductions in the market...it seems that some sellers want to test the market and they are trying to get a lot more for their home than the last comparable sale. BUT, as you can see, statistically that's just not happening in our Sacramento home market right now. With prices holding steady, sellers need to price homes realistically.