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Sacramento Real Estate Average Home Sales Price Is Through The Roof!
Over the last year, the Sacramento real estate market has been going up and up. Seller’s are having a field day while buyers are endlessly frustrated. There are multiple offers on virtually any home worth owning and homes are selling for incredible amounts over list price and some well over appraised value with buyers making up the difference between appraised value and the agreed upon purchase price in cash.
Since April 2012, the average sales price for a home in Sacramento has gone up 26%. In some areas it’s more and others less but overall, that’s an incredible increase in values. Over the last 15 months, the average sales price in Sacramento real estate has gone up over 34%.
While I would expect this to begin to slow down sometime soon, it’s not happening yet. We have pent up demand that has been waiting on the sidelines to buy for the last 5 years or so and with a lack of Sacramento homes to sell it’s only getting more competitive. As long as this dynamic exists AND interest rates remain low the trend will continue for the foreseeable future.
Few Sacramento Homes Available To Sell
The number of available homes to sell in Sacramento is scant at best. Although there is a trend toward the inventory going up slightly, it’s not enough to make a dent in the current demand. For the number of Sacramento homes available for sale to go up, the interest rates need to climb a bit. That will price some out of the market, lower investor demand and more Sacramento homes will be on the market giving buyers at least some options.
While this graph shows a downward trend, it’s so slight that it’s almost level over the last year.
Going, Going, Gone! ( In 60 Seconds! )
The number of days a home stays on the market has gone down so much over the last year that it’s amazing homes get to the open market. The average is 26 days on the market before a home is sold. 26 days may seem like a lot of time for a home to be on the market, many homes are gone so much sooner than 26 days.
The majority of homes are gone within a few days to the first week on the market. Most often, there isn’t time to get a for sale sign in the ground before there is an accepted agreement between buyer and seller. Also in this graph, please note that the listing price to sold price is over 100%. Most Sacramento homes are selling in a week or less at an average of 101% over list price. That is one hot market!
Sacramento Real Estate Market Summary
Homes are still flying off the shelves and for top dollar. If you’re a seller of a home in Sacramento you’re loving life. If you’re a buyer, you’re hating life but it will get better. The only question is will it be affordable for you when things settle down. Make no mistake, this market will settle down. It’s not a matter of if but when.
Getting top dollar from the sale of your home isn’t all about the market. You could still leave money on the table if you don’t implement the right strategy. It’s critical to your bottom line to hire an agent with experience and know how to squeeze every dollar possible out of the sale of your home.
Buying or selling, if you would like to schedule a free consultation, please call or text me directly at 916-532-7653 or click here, for my contact page.
Sacramento Real Estate Views is the most comprehensive online source for Rocklin real estate information. Whether you are looking for the latest sales, trends or homes for sale in the Sacramento Region, Sacramento Real Estate Views has it all at your fingertips.