Which way? A seller’s market or neutral
The merry month of May’s housing results has shown little change from the previous month. Sacramento and Placer counties indicators point to a seller’s market with El Dorado County continuing the neutral path.
Here are the highlights for each county with the detailed data following the summaries.
The available inventory compared to last month is down while the number of sold transactions experienced a slight uptick.
Pricing is still appreciating: Average Sold Price is sitting at $430,000, and the Median Sold Price is at $385,000.
The number of months inventory based on current sales data is 1.4 months.
Price reductions are minimal as the ratio of the actual sales price to original list price is 99%.
The average days that homes are on the market before selling is 24 days.
The available inventory has held steady when compared to last month. However, the number of homes that are pending sale has increased 13+% from April.
Like Sacramento County, the selling price has increased since the end of April. Average sold price is sitting at $563,000, and the median sold price sits at $514,000.
Those numbers are a far cry from what sellers are asking. The average asking price of homes available for sale is $767,000. One might glean from this that higher-end homes remaining on the market are distorting the average.
May’s monthly inventory of availability for Placer County is 1.8 months.
The ratio for the actual sales price to the original list price is 98%.
The average days a home is on the market in Placer County is 26days.
El Dorado County
Inventory of available homes in El Dorado County increased by 14% from April.
Conversely, properties that show “pending” increased by 33% since April and “sold” listings activity increased by 14+%. Still, these numbers are not large enough to offset the number of homes added to available inventory.
Price points are not consistent. The “for sale” price and median sold price is down from last month, 2.5% and 3% respectively. However, average sold price did increase by 5% versus last month. I suspect a more substantial portion of higher-priced homes were in the sales mix than then in April.
Months of inventory settled in at four months.
The price that sellers were asking for their property saw a 3% reduction to the actual sales price. A more significant price reduction than Sacramento and Placer counties.
In May the average days a property was on the market was 44.