The score card for August real estate activity is official.
The overall data reflected a stable market albeit a seller’s market still.
The reports below are broken down by Sacramento, Placer, and El Dorado Counties. If you would like a report for a particular zip code or city, please click on “Contact” in the main menu providing me the pertinent information and an email address for forwarding the report. So what are the takeaways?
El Dorado County’s inventory is steady compared to last year and the previous month. The other counties inventory is down from last year but slightly elevated from last month. With higher inventory, we are seeing increased pending sales in Sacramento and Placer Counties with El Dorado County flat compared to last month.
It appears sellers in Sacramento and Placer are getting very close to their original asking price, where El Dorado sellers are giving up about four percent. Also, homes in El Dorado County are remaining on the market longer than the other two counties. Average Sold Price compared to last month is flat. The Average Asking Price in all three counties has depreciated from last month.
Available inventory is dictating our current situation. Inventory based on closed sales is below three months for all counties. Inventory is calculated dividing the number of closed transaction for the month into the number of homes for sale on the last day of the month. Three months or less is considered a seller’s market. Above six months we would have a buyer’s market. In between would be a balanced market. Sacramento and Placer Counties have inventory measured below two months. El Dorado County is near three months. However, that is a drop from last month when it was over three months.
As we begin the Fall and Winter seasons prices should moderate and days on the market should lengthen somewhat. Moderation appears to be quite normal and occurs most years.
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