Here are the latest Real Estate Trends for Placer County
August 2018– Placer County CA Real Estate Market Conditions
The number of for sale listings in Placer County was up 5.9% from one year earlier and up 3.6% from the previous month. The number of sold listings decreased 6.8% year over year and decreased 21% month over month. The number of under contract listings was down 4.8% compared to previous month and down 5.3% compared to previous year. The Months of Inventory based on Closed Sales is 2.1, up 10.7% from the previous year. and up 6.3% compared to previous year.
The Average Sold Price per Square Footage of a Placer County home was up 1.2% compared to previous month and up 7.9% compared to last year. The Median Sold Price decreased by 2.4% from last month. The Average Sold Price also increased by 1.6% from last month. Based on the 6 month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Neutral”.
The Average Days on Market in Placer County showed a neutral trend, an increase of 20.8% compared to previous year. The ratio of Sold Price vs. Original List Price is 97%, a decrease of 1% compared to previous year.
Where is the Housing Market Headed?
Well the 2018 Real Estate Market in Sacramento County has been wonky at best – wonky that’s a technical term for unpredictable and sideways. We saw the market peak earlier than seasonally normal. In August there were 25.7% more homes for sale than a year ago and 10.1% more than July BUT less homes actually closed escrow this year than last and also fewer homes closed in August than July. This certainly is not typical of how the summer real estate market plays out.
Technically its still a sellers market with just a 1.9 months supply of homes on the market but the feel is we are seeing the trends and leverage trend more towards buyers than sellers. We are seeing sellers have to right price their homes to get them sold. This doesn’t mean prices are dropping, it means sellers are having to get real on the price for the first time in 6-7 years. Average prices were still up 6.6 to last year but down .5% from last month
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: