Hello! This is Barry Mathis, the voice of real estate in Sacramento for over a decade.
Alright, well we’re a real estate company so we’re going to jump in and give a little bit of a market update we’re we are right now. This is for Placer County or Sacramento County.
In Sacramento County the market is about 3 times as large as the Placer County market. 3,450 houses are on the market right now. That’s an increase in inventory. It’s quite a bit. A lot more houses are for sale right now than were for sale a little while ago. So, we’re seeing a year over year 29% increase in inventory. If you think that’s a lot, 15 months ago we were seeing a 70% increase in inventory. That’s a huge number of houses that are on the market now that were not on the market merely 15 months ago.
What are those houses selling for? Well, we’ve got quite a few pending sales. 1,600 of those are pending sales and 1,343 have sold.
If you’re out there and you want to know how long it should take to sell your house? Well, 39 days on market is the average. 39 days on market is where people are at. That’s up a little bit from 37 which was up from 35. So, you’re seeing it take a little bit longer each month to get those houses sold. To put that in reference we were down on the average days on market being 23. Now, we’re at 39. Obviously, those really have a direct relationship with each other. That amount of inventory coming on the market really makes it drag out a little bit longer to get them all sold.
The funny thing to me is the number of homes that have sold has really stayed about the same. Well, on to what everybody wants to know. Is my house value going up or down? It’s kind of staying flat. It’s kind of staying in the same – $173 a square foot; $174 a square foot; $176 a square foot. It’s just not really doing a whole lot moving up and down either way. You might say it went up, yeah. But not very much, not significantly.
That’s something you guys should be looking at. Month’s worth of inventory. We’ve seen that climb. We went from 1.3 and up to 2.6. You know what the amazing thing is we were at 1.8 month’s worth of inventory just in April. What that means is if you sold all the houses that are on the market and didn’t bring any more new houses on the market, in April it was 1.8; now it’s 2.6. That’s a big climb really fast.
Placer County will jump into that real fast. Placer County, a repeat of the same thing. You’re seeing 1,466 homes on the market which is an increase of 84%. Really getting close to 100%, more homes on the market than what was on there just a short 15 months ago.
We’ve got $196 a square foot. Again, you’re $195, $197, $191, $196. That really hasn’t changed. It’s staying pretty flat. Days on market there is 47 from a low of 38. We’re kind of seeing the same thing in both markets. Placer County, you got to really hear these amount. I hear a lot of people say, “Well, my house is not selling.” Only 492 houses sold in all of Placer County. And you got to remember Placer County is all the way down to Roseville, but remember, it’s also all the way up in Tahoe. That’s a big stretch of land to only have 492 homes sell.
If you’re out there and you’re wondering why your home isn’t selling, well you better make it more attractive. You better make your price right. You better get the price right for the condition it’s in and you’d do well to make that condition nicer than any other house in the block.
If you’ve been waiting to sell your home until the time was right, you may find the time has come. With the recent rise in local home prices, your home maybe worth much more than you think. Online pricing sites such as Zillow or Trulia simply fail to provide an accurate picture of your home’s true market price.
To receive a true value report from real live professional, simply call me – Barry Mathis at 916-225-7777 or visit our website www.truevaluereport.com
