Although the weather may be undecided, it looks like the real estate market has made up its mind. As we approach the end of spring in the Sacramento area, both the weather and the real estate forecast are looking bright. Let's take a closer look at the numbers.

If you check out the chart at 0:32 in the video, you’ll see the inventory levels for Placer, Sacramento, and El Dorado Counties. We experienced the first increase in inventory since July of 2022, going from 1,586 homes in March to 1,672 in April. We still have a limited inventory, but as the weather clears up and school comes to an end, we expect the number to continue to rise. In dark green, we see sold properties, which decreased slightly from 1,417 homes sold in March to 1,281 in April after several months of increases.

"Activity in our market is increasing." 

The red represents pending sales, which have been on the rise for the fourth straight month, increasing from 1,449 pending homes in March to 1,646 in April. This is a crucial indicator that buyers are becoming more active in the market, and they're absorbing the limited inventory that's currently available. The next chart shows the price per square foot, which increased for the third consecutive month, going from $323 per square foot in March to $333 per square foot in April, putting us slightly below the average price per square foot we saw in February of last year.

In the graph at 1:41 in the video, we have the list-to-sold ratio, which has been on the rise for the fourth straight month, increasing from 97% in March to 98% in April. This likely reflects the market stabilizing over the past several months and sellers becoming more realistic about pricing. Below that, we see that the average days on the market dropped another eight days from March to April, taking homes an average of 41 days to sell.

The last chart shows the months’ worth of inventory, indicating how long it would take to sell the current inventory, which increased from 1.1 months in March to 1.3 in April. If you're a buyer, this means there's still limited inventory, but many options available. With low inventory comes competition, and sellers have become more realistic about pricing. Interest rates have stabilized, and we expect more inventory to come to the market in the next few months.

If you're a seller or a buyer, now might be the time to make a move. Give us a call at 855-TOM-DAVIS or visit us at www.TomDaves.com if you have any questions. We look forward to hearing from you!