Real Talk # 308 Sacramento Home Prices – November Market Update

Join Barry as he shares what’s happening right now in the real estate market for the Sacramento and Placer counties.

Barry Mathis Sacramento Real Estate AgentI’m going to jump right in here. So the data is the number of sales for Sacramento County was up 15.7% from one year ago today so that’s the kind of data I’m going to give you today. Is your to date numbers over year over year numbers.

Number of for sale listings was up 15%, the number of sales listing was up 34% in Placer County so that’s a big increase in Placer County. And it was down 4.8% Placer County and down also in Sacramento County from the previous month so it’s dropping off. So the listings are dropping off really because of the holidays.

So you have huge increase on both counties, you’ve got a good sized increase in inventory year over year and then you have in the last month because people are settling in for the holidays you see that little bit of a drop off. So the number of sold listings what actually sold was five percent higher in Placer County and was down 5.9% in Sacramento County.
I really want you to notice that, we’ve got different markets at play, we’ve got different forces. And mainly that’s based on the difference in pricing in the two different counties. Number of sold listings was up 5.1% year over year in Placer County. What you’re really seeing there is that the median price moved up, you’ve got less homes that are short sales and distress sales so what you’re seeing in that is not a revival of a market what we’re really saying is just that there’s more traditional sales.real estate growth

That’s what’s explaining that difference. If you look at the number in Sacramento that 5%, almost 6% that’s a much bigger market so those numbers are felt a lot heavier. So I really want you to pay attention to that, don’t think those thing are exactly equal.

There is some things you really should be paying attention to, the properties under contract. The pending properties are up in October month over month. That’s a big deal that they’re up in October, you should be getting some activity October wasn’t that bad of a month. We had a great month in October, I think we did around six houses in October and so that was a great month for us, for my team that’s awesome.

What you’re not seeing is huge increases in price per square foot. In both counties it pretty much stayed the same. In Sacramento County it’s $174 a square foot, in Placer County it’s $194 a square foot that’s the average price per square foot and that’s pretty much the same.

If you go back over a year you’ll find that it does increase but most of that increase came before June of 2014 so don’t read too much into that. And your days on market, days on market in both counties is increasing. In Sacramento County it’s 37 days on market, in Placer County it’s 44 days on market. And one other thing a point of interest there, is that the difference between the listing price and the sold price is tightening up.

There’s something big for you to know and that is we’ve got about 2.5 months worth of inventory, in both markets.

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