Home sales in the Sacramento region just sizzled this summer between July and August.
The volume of sales in the Sacramento region ticked up by 10.9 percent in that stretch of time despite a slight cool down the previous month, the Sacramento Association of Realtors reported in its monthly market analysis. (We are still waiting to see how September performed). The increase also represents a nearly 9 percent upgrade from a year ago.
Total sales were also up, reaching 1,799 homes sold in August, up from 1,622 the previous month. The months of inventory (1.6) also scaled back by a tenth of a percent during that period, another indicator that the market is on firm ground. This simply means that it would take about 1.6 months to sell the current homes on the market, assuming market conditions adhere to the current trend. So as you can see, the market is moving quickly for the buyer and seller alike. But that’s not all. There’s additional data showing ideal market conditions for those ready to sell — or buy a home.
Take listings, for example. Home listings increased for the July-August period by nearly 4.5 percent. Yes, more people are selling, but the evidence of key indicators also show demand. These include median prices and the amount of time homes are staying on the market.
About those median prices. They stood at $324,000 for the region, slightly up from the previous months. In July, the median sale price for a home in the Sacramento area was $322,000, according to the area Realtors. That’s nearly a 12 percent increase. According to another analysis, the median price for resale single-family homes in Sacramento County alone stood at $310,500 for the month of August.
Sacramento buyers and sellers showed their eagerness and willingness to strike a deal during this time period. The average days on market for homes decreased from 32 to 21 days. The median days on market, however, did rise by one day. These numbers represent the days between official list date and the day it goes “pending.”
As a prospective buyer or seller, the current market status is optimal for both sellers (steadily increasing prices) and buyers (increasing inventory without radical price spikes). So if you’re ready to list or buy, the last quarter of 2016 might provide the ideal conditions.
If you would like to see the data for yourself, take a look here.
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