Carmichael Real Estate Trends - September 2016 is a Seller's market!
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Carmichael Real Estate Trends - February 2016 is a Seller's market!
The number of for sale listings was down 17.6% from one year earlier and down 10.9% from the previous month. The number of sold listings decreased 6.7% year over year and increased 44.8% month over month. The number of under contract listings was up 23.1% compared to the previous month and down 15.8% compared to the previous year. The Months of Inventory based on Closed Sales is 2.3, down 11.3% from the previous year.
The Average Sold Price per Square Footage was up 6.8% compared to the previous month and up 9.7% compared to last year. The Median Sold Price decreased by 7.7% from last month. The Average Sold Price also decreased by 5.4% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Depreciating".
The Average Days on Market showed a neutral trend, a decrease of 1.8% compared to the previous year. The ratio of Sold Price vs. Original List Price is 95%, an increase of 1.1% compared to the previous year
Carmichael Home Trends - It is a Sellers Market
Property Sales (Sold)
February property sales were 42, down 6.7% from 45 in February of 2015 and 44.8% higher than the 29 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of homes available this month is lower by 21 units of 17.6%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is down 10.9% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 23.1% in the pended properties in February, with 64 properties versus 52 last month. This month's pended property sales were 15.8% lower than at this time last year.
The Average Sold Price per Square Footage is Neutral*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The February 2016 Average Sold Price per Square Footage of $203 was up 6.8% from $190 last month and up 9.7% from $185 in February of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Shows Neutral Trend*
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for February 2016 was 56, down 24.3% from 74 days last month and down 1.8% from 57 days in February of last year.
The Sold/Original List Price Ratio Remains Steady**
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 95% is up 2.2% % from last month and up from 1.1% % in February of last year.
* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
The Average For Sale Price is Appreciating*
The Average For Sale Price in February was $579,000, up 15.6% from $501,000 in February of 2015 and up 5.3% from $550,000 last month.
The Average Sold Price is Neutral*
The Average Sold Price in February was $366,000, down 1.1% from $370,000 in February of 2015 and down 5.4% from $387,000 last month.
The Median Sold Price is Depreciating*
The Median Sold Price in February was $312,000, down 6.9% from $335,000 in February of 2015 and down 7.7% from $338,000 last month.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
It is a Seller's Market*
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The February 2016 Months of Inventory based on Closed Sales of 2.3 was decreased by 11.3% compared to last year and down 39.5% compared to last month. February 2016 is Seller's market.
Months of Inventory based on Pended Sales
The February 2016 Months of Inventory based on Pended Sales of 1.5 was decreased by 6.4% compared to last year and down 28.4% compared to last month. February 2016 is Seller's market.
It is a Seller's Market*
Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.
*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% - 33.33%
Absorption Rate based on Closed Sales
The February 2016 Absorption Rate based on Closed Sales of 42.9 was increased by 13.5% compared to last year and up 62.6% compared to last month
Absorption Rate based on Pended Sales
The February 2016 Absorption Rate based on Pended Sales of 65.3 was increased by 2.2% compared to last year and up 38.1% compared to last month.
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- 30+ Year Sacramento Residents
- Over 1,200 homes sold since 2003 – 10x the average agent
- On Average sell homes 25.8% faster and for 1.5% more than the average agent
- Guarantee your Home will sell at a price acceptable to you or they will sell it for free*
- Team Approach for Maximum Client Satisfaction
- Ranked #145 Worldwide for all Keller Williams Agents 2008
- Ranked in the Top 25 of all agents & companies county wide in both the number of listings & sales since 2004
- Top 500 Teams All Companies in California for Production
- Sacramento Magazine 5 STAR Agent
In short, the Rigley Realty Group will sell your home for the most amount of money, in the shortest amount of time, with the least amount of hassles.
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All reports are published February 2016, based on data available at the end of January 2016, except for the today stats. All reports presented are based on data supplied by the MetroList MLS. The MetroList MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the MetroList MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.