Here are the latest Real Estate Trends for Arden-Arcade CA
October 2018– Arden-Arcade CA Real Estate Market Conditions
The number of For Sale Listings in the Arden-Arcade area was up 7.4% from one year earlier and down 13.9% from the previous month. The number of sold listings decreased 10.5% year over year and increased 6.3% month over month. The number of under contract listings was up 35.5% compared to previous month and down 23.6% compared to previous year. The Months of Inventory based on Closed Sales is 2.6, up 23.5% from the previous year.
The Average Sold Price per Square Footage in Arden-Arcade was up 7.2% compared to previous month and up 13.4% compared to last year. The Median Sold Price decreased by 7.7% from last month. The Average Sold Price also increased by 10% from last month. Based on the 6 month trend, the Average Sold Price trend is “Appreciating” and the Median Sold Price trend is “Depreciating”.
The Average Days on Market in the Arden-Arcade area showed a upward trend, an increase of 62.5% compared to previous year. The ratio of Sold Price vs. Original List Price is 93%, a decrease of 4.1% compared to previous year.
Where is the Housing Market Headed?
October continued the recent trend of the second half of the year. 21.5% more homes came on the market in October as compared to last year but 5.3% less than last month. 6.7% fewer homes sold compared to last year but 4.9% more than last month. Seasonally we generally see that kind of jump and fall off respectively. New contracts were 20.6% more than last month and about the same aslast year. Inventory is back down to 2.1 month’s supply from a seasonal high of 2.4 months last month.
Technically it’s still a seller’s market at 2.1 month’s supply of homes but the feel is more like a buyer’s market than a seller’s market. Yes we are still getting multiple offers on right priced premium homes. But home perceived as overpriced are not even getting showings much less offers. The average sold price per square foot was up 5.9% from last year but down .4% to last month. Gone are the days a seller could slap on a high price and expect to get offers. Now, unless the home is right priced buyers are not even looking at over priced homes.
So, what’s it all mean?
If selling – price your home right and be ready to make adjustments as needed. If buying, you have more leverage from now through the end of the year than you have had in previous years. Real Estate is cyclical and usually runs in 6-7 year cycles. The historical bottom of the Sacramento Real Estate Market was the 4th quarter of 2011 meaning we are headed directly into the end of 7 year cycle. These cycles are not exact. The historical peak of the market was August of 2005 but didn’t reach rock bottom until the end of 2011, so about 6 years 4 months.
If you are thinking about selling in the next 12 months NOW is the time to call us.
The better prepared your home is before it hits the market the quicker it will sell and sell for more. Call for a Strategic Marketing Consultation and we’ll show you specifically how we get more for your home in less time. We’ll also talk about any repairs and improvements that you can make to maximize your return. More importantly, we’ll tell you what changes NOT to make saving you both time and money. If you are thinking about selling in the next 12 months, call us today for your Strategic Marketing Consultation. We will cover your goals and our unique approach to getting you the most amount of money in the shortest number of days with the fewest hassles
If you are thinking about Buying in the next 6 months NOW is the time to call us.
Again preparation is the key. Not only will we help you get pre-qualified for a loan so when we find that perfect home for you, you won’t miss out, we also show you our time tested home buying strategy that gets our buyers offers accepted 98.7% of the time, even when those offers are not the highest offer.
About the authors:
Mike and Jennifer Rigley are one of Sacramento’s top ranked Real Estate Teams and 5 Star Ranked Real Estate Professionals. Selling Real Estate Full time since 2004 with well over 1,500 successful closings Mike and Jennifer Rigley are here to help your dreams of Home Ownership come true.
When You are Ready, Here are three ways we can help: