Sacramento Real Estate Market Update: Hot Sellers Market in Fall 2016
by Rick Delgado
on Friday, October 21st, 2016 at 8:05pm.
The Sacramento real estate market has been hot, and the latest market numbers show that there are no signs of slowing down just yet, despite seasonal slow-downs being the norm this time or year. In September, new open escrows jumped 17 percent, while resale home inventory went down. Demand for real estate continues to grow, while a mere 4,828 properties (7 percent fewer homes available compared to the same time last year) were available for sale on the market in the greater Sacramento area through September 30th.
Are home prices still on the rise?
If you are a home buyer searching for a home, you can now breathe a sigh of relief. Median sales prices for the greater Sacramento region have indeed stabilized at around $357,000 (unchanged for the past 3 months). Despite median home prices being up 9 percent (when compared to this time last year), the average homebuyers paid around $395,000 for their home.
The inventory breakdown for resale homes was as follows:
Entry level (homes priced up to $400,000): 2,245 homes on the market.
Move-up (homes priced from $400,000 to $800,000): 1,993 homes on the market.
What does this mean for sellers?
These numbers indicate that we are definitely in the middle of a seller’s market. That in combination with the expected seasonal drop in listings in the winter, this is one of the best times to sell a home in the greater Sacramento area. Homebuyers that are actively shopping for a home in the offseason are typically very serious and are ready to commit. The possibility of a looming interest rate increase could also motivate potential buyers into investing in a home this fall. Homeowners who are thinking of putting their homes on the market should not delay, or risk missing out on these great market conditions!
Looking for more great reasons to sell your home in the off-season? Read our blog post on why it's a great idea to sell your home in the off-season here.
Need some tips on staging your home successfully for a winter home sale? Read our top winter home staging tips here.
Interested in real estate in the greater Sacramento area?
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