"We’re seeing a perfect storm in our market."

Homes are also selling at an average of 101% of their list price, and some sellers are getting as much as $10,000 to $50,000 more than what they listed their home for. The average days on market, meanwhile, is just 22 days, but half of all homes are selling in less than seven days. The months of inventory stands at just 0.7 months. To put that into perspective, anything less than three months constitutes a seller’s market, while a four- to five-monthly supply indicates a neutral market, and anything over six months means a buyer’s market. 

This is one of the most competitive markets I’ve ever seen, and low interest rates and low inventory are the two main factors driving these conditions. A lot of buyers are moving to our area from the Bay area. Ever since the pandemic hit, they’ve been able to work from home, and they’ve fallen in love with our area. Let’s face it: Sacramento is very centrally located. The week prior to recording this video, I was skiing near Lake Tahoe on Thursday and Friday and relaxing near the ocean on Saturday and Sunday. 

The bottom line is that we’re seeing a perfect storm in our market. It’s still a great time for buyers to take advantage of low interest rates. If you’re a buyer and you’re patient, you will find a great home to buy. If you’re a seller, there’s never been a better time to sell for top dollar. 

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.