Good January For Sacramento County Real Estate Market
by Rick Delgado
on Thursday, February 18th, 2016 at 10:18am.
Sacramento county real estate enjoyed a solid month of January - the best January in the past three years, actually.
According to new stats from the Sacramento Association of Realtors, 1,124 existing homes were sold in Sacramento County in January, up 7.4% from January 2015. The median sales price was $265,000 - up 8.4% from Jan. 2015, when homes were averaging $245,000.
When you factor in all homes sold (new homes, condos, and resale homes), 1,378 units were sold, up close to 9% from the previous year. And for all units sold, the median price enjoyed a nice jump of 10.2% to $270,000 from Jan. 2015.
However, January sales were down from December 2015, a decline that's attributed to the new government mortgage rules, which helped December sales big time.
For new homes in Sacramento County, the number of sales in January was up 33% (129 sales) from a year ago. The average price of a new home was $394,000, down slightly from $398,000 in January 2015.
Overall, inventory levels are still fairly low (1,810 active listings) with the months of inventory increasing from 1.1 months to 1.9 months. That number is down 25% from last year when there were 2,412 active listings.
Homes for sale in Sacramento County took an average of 39 days to sell (from the time a listing becomes 'active' to when it goes to 'pending').
Good Time To Sell Your Home in Sacramento
A recent report from realtor.com shows the Sacramento real estate market as being the sixth hottest in the entire United States for this past January.
The real estate market usually heats up in spring, during the months of March, April, and into May, so why not put your home on the market now and avoid all the competition coming up in a couple of months?
By selling now, your are also more likely to be able to list your home for a higher price, given there are plenty of buyers in the Sacramento area and less competition in terms of homes for sale.
The realtor.com report analysis shows listings in the hottest markets are viewed two to five times more often than the national average, and houses sell 30 to 50 days more quickly than the rest of the United States. They have also seen days on market drop by a combined average of 7% year over year.