Wednesday, May 6, 2015

Sacramento Real Estate Statistics - April 2015

Happy Seis de Mayo! The Sacramento home sales and price data for April 2015 is out, and not surprisingly, the median sold home price (in blue here) has increased ever-so-slightly to $281,000. What is also really interesting (and really telling about our local Sacramento real estate market) is that if you look at the average sold price  (in red) vs the "for sale" listing price (in green), you will notice that the average sold home price also increased just slightly to $311,000...but the average listing price increased to pretty significantly to $411,000.

This price disparity between the average listing and average selling price illustrates that sellers are increasing their listing prices at a much faster rate than prices are actually increasing. Sellers are getting a little more ambitious with their listing prices, while the average and median sold prices are not increasing as rapidly. Again, it will be interesting to see where this trend takes us.

Keep in mind, that data point (in green, the average for sale price) reflects the homes that are either languishing on the market and NOT selling, or were just listed and have not yet sold, but will be sold in the coming months as prices (in theory) continue to climb. If you refer to the 2nd chart here, you will see that sales activity has increased significantly this spring. Right now I would characterize the market as a " seller's market" -- not so many homes for sale, high buyer demand, fewer seller concessions, low interest rates in the high-3% range -- but that might change as sellers start to push the envelope more with price, more homes come onto the market, and interest rates rise. We shall see...just remember every scenario and listing is different.

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