When viewing the published numbers for September, the real estate market appears to have flat-lined. No, not meaning it is dead, only that the numbers have not moved much for the last six months.
So I ask, is the Sacramento market a big yawn?
Based on the inventory level, Sacramento County is technically in a seller’s market. Pushing that aside, for sale properties, sold properties, and sold pricing is much the same as last month.
The one exception is the “For Sale” asking price has increased 4.4% from last month. For sale average asking price is $571,000, with the average actual sold price sitting at $430,000.
The numbers indicate the low-end market is stronger than the high-end market.
The Placer County market is similar in scope as the Sacramento County market.
It, too, is technically in a seller’s market; demand is outpacing actual available inventory. The months of inventory was 2.8 months for September. Less than three months of inventory is considered a seller’s market.
It is worth noting that inventory jumped 27.6% since August of 2019.
Pricing is depreciating across the board, including “for sale” pricing. Last year the same trend occurred. So not a Chicken Little type scenario.
El Dorado County is the outlier.
The months of inventory is above four months, indicating a neutral market.
Pricing is depreciating for all indices.
The average actual sales price compared to the average original listing price is 94%, quite significant. It appears to me that either the sellers or listing agent should reconsider their pricing strategy.
Price reductions will extend the days-on-market for any home. Is that good for anyone?
So there you have it. The autumn trend shows a changing market, much like the past.
Below are the charts for your enjoyment.