What’s happening right now in our local real estate market? Let’s go over some recent data.
We’re more than halfway through 2019, which means it’s time to take a look at how our real estate market is doing right now.
Let’s start by examining inventory levels. In Sacramento, Placer, and El Dorado counties, there were 4,247 homes for sale, 2,652 homes under contract, and 2,289 homes sold as of this June. Looking at past months, we can see that the number of active and pending listings has been on the rise, while the number of homes sold indicates a slight drop in buyer activity.
Even so, our market continues to be in great shape—partially thanks to the low interest rates we’ve enjoyed. And the current list-to-close ratio, which is at 98%, definitely confirms this point. The recent drop in the average number of days homes are spending on the market is also a good sign. Now, properties tend to take just 29 days to sell.
But what about home prices?
The average list price for June of 2019 was $636,000. The average price homes sold at, meanwhile, was $482,000. This indicates that lower price ranges have been gaining strength in the market and that appreciation rates have begun to climb. In fact, the current appreciation rate in Sacramento, Placer, and El Dorado counties is approximately 5.5%.
Circling back to inventory for a moment, it’s important to realize that with just 1.9 months’ worth of supply available as of this June, we’re still in a very healthy seller’s market.
As for what will happen in the coming months, there’s no way of knowing for sure. However, if you would like to speak with me about my predictions and about your real estate goals, I would be happy to sit down for a conversation.
And, as always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.