As summertime rolls around once again in the Sacramento region, we find ourselves busier than ever, with proms and graduations, family gatherings and vacation planning, and plenty of fun activities like outdoor concerts, sports, and festivals. In between it all, many of us will look to sell our house and/or buy another one before school starts in the fall or before the winter holidays. So what can you expect to find in the Sacramento area real estate markets these days?
Overall, our real estate market can be characterized as very healthy, with a huge buyer demand, but there are some key differences from pre-recession white-hot markets that were over-inflated. For instance, even though our demand has never been higher, inventory is down 6.4%, and far less Sacramento homeowners are underwater on their mortgages or in danger of foreclosure, we’ve seen normalized home appreciation rates, around 9.5% over the last year.
Many experts predict that will continue in the right direction even with the expected interest rate increase in the summer and fall, with our homes appreciating about a 6.6% to next year.
Here is the most recent data on real estate in Sacramento County, Placer County, and the combined four-county area, released for April of 2015. Remember that these figures compare April to April the year before, and often deal with median numbers, not averages.
So if you’d like an accurate market analysis of your home’s worth or to find out what homes are for sale in your price range in a certain area, feel free to contact us.
That median price is 5.6% higher than one year ago, in April of 2014.
It took 42 days to sell a house in April, 2015.
Cash sales were only 16.5% of all sales.
FHA sales were 27% of all sales in Sacramento County.
Sales volume was 9.2% higher this April compared to one year ago.
We now have 1.5 months of housing inventory compared to 1.8 months the same time last year.
The average price per square foot is 182, which is 7% higher than April of 2014.
The average sales price in April of 2015 was $310,000, 5.7% higher than last year.
It took 3 days longer to sell a house this April compared to last.
That median price is 6.9% higher than one year ago, in April of 2014.
It took 41 days to sell a house in April.
Cash sales were 17% of all sales that month.
FHA sales were 20% of all sales in Placer County in April.
Sales volume was 27.5% higher this April compared to last April.
There is now 1.9 months of housing inventory, compared to 2.5 months in April of 2014.
The average price per square foot is 200, which is 3% higher than April of 2014.
The average sales price in April of 2015 was $441,163, which is 3.8% higher than April of the previous year.
It took 10 days shorter to sell a house this April compared to last.
Regional Market Trends for Sacramento, Placer, Yolo, and El Dorado counties:
That median price is 9.4% higher than one year ago, in April of 2014.
It took 44 days to sell a house in April of 2015.
Cash sales were 16.9% of all sales that month.
FHA sales were 23.7% of all sales in Sacramento County in April of 2015.
Sales volume was 10.5% higher in April of 2015 compared to April of 2014.
We now have 1.7 months of housing inventory, compared to 2.1 months last April.
The average price per square foot was 192 in April of 2015, 7.2% higher than April of 2014.
The average sales price in April of 2015 was $360,351, which is 6.9% higher than April of the previous year.
It took the same amount of time to sell in April 2015 compared to April 2014.