Real Estate Trends for Carmichael – March 2016 is a Seller’s market!

Real Estate Trends for Carmichael - March 2016 is a Seller's market!

Whats My Carmichael Home Worth

Mike and Jennifer Rigley (buyers) 916.378.4671 / (sellers) 916-660-5823 [email protected]

What’s My Carmichael Home Worth?

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Real Estate Trends for Carmichael - March 2016 is a Seller's market!

The number of for sale listings was down 3.9% from one year earlier and up 24.5% from the previous month. The number of sold listings decreased 24.6% year over year and increased 23.8% month over month. The number of under contract listings was up 38.2% compared to the previous month and up 15.2% compared to the previous year. The Months of Inventory based on Closed Sales is 2.3, up 27.2% from the previous year.

The Average Sold Price per Square Footage was down 2.5% compared to the previous month and down 7% compared to last year. The Median Sold Price increased by 12.2% from last month. The Average Sold Price also increased by 1.1% 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 showed a neutral trend, a decrease of 11.1% compared to the previous year. The ratio of Sold Price vs. Original List Price is 96%, a decrease of 1% compared to the previous year.

Carmichael Home Trends - It is a Sellers Market

Property Sales (Sold)

March property sales were 52, down 24.6% from 69 in March of 2015 and 23.8% higher than the 42 sales last month. .

Current Inventory (For Sale)

Versus last year, the total number of homes available this month is lower by 5 units of 3.9%. 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 up 24.5% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 38.2% in the pended properties in March, with 76 properties versus 55 last month. This month's pended property sales were 15.2% higher 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 March 2016 Average Sold Price per Square Footage of $198 was down 2.5% from $203 last month and down 7% from $213 in March 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 March 2016 was 40, down 28.6% from 56 days last month and down 11.1% from 45 days in March 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 96% is up 1.1% % from last month and down from 1% % in March 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 Neutral*

The Average For Sale Price in March was $576,000, up 12.7% from $511,000 in March of 2015 and down 1.7% from $586,000 last month.

The Average Sold Price is Neutral*

The Average Sold Price in March was $370,000, down 3.1% from $382,000 in March of 2015 and up 1.1% from $366,000 last month

The Median Sold Price is Neutral*

The Median Sold Price in March was $350,000, up 5.7% from $331,000 in March of 2015 and up 12.2% from $312,000 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 March 2016 Months of Inventory based on Closed Sales of 2.3 was increased by 27.2% compared to last year and the same compared to last month. March 2016 is Seller's market.

Months of Inventory based on Pended Sales

The March 2016 Months of Inventory based on Pended Sales of 1.6 was decreased by 15.6% compared to last year and down 11.2% compared to last month. March 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 March 2016 Absorption Rate based on Closed Sales of 42.6 was decreased by 21.5% compared to last year and down 0.7% compared to last month.

Absorption Rate based on Pended Sales

The March 2016 Absorption Rate based on Pended Sales of 62.3 was increased by 19.8% compared to last year and up 11% compared to last month.

 

Thinking of Selling a Home in Carmichael?

Buyers Want Your Carmichael Home for As Little As Possible. Quickly Find Out What your Carmichael home is Really Worth, for Free.

Are you thinking of selling your home in Carmichael? You should know exactly what it’s worth before making such an important decision. Get a CMA “Comparative Market Analysis”, for free, and with no obligation. This analysis compares your Carmichael home to others that are currently on the market and to those that have recently sold.

Once you find out what your home is worth in Carmichael you can make the decision on whether or not to sell your Carmichael home

As top Carmichael REALTORS®, the Rigley Realty Group can determine the value of your Carmichael home and perform a quick market analysis, giving you a free estimate of what your home is worth in today’s market.

Mike and Jennifer Rigley of the Rigley Realty Group come with 10 + years experience helping buyers, sellers and investors realize their Real Estate dreams. Including:

  • 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.

ALSO, once you sell your Carmichael home, the Rigley Realty Group can help you find your next home in Carmichael 

What’s your Carmichael home or property really worth? Get the true value of your home NOW!

Are you a local hero looking to buy or sell a home in Carmichael? CLICK HERE to find out about the Home Benefits for Heroes savings program NOW! Former and active Military, law enforcement, firefighters, health care providers, first responders, and teachers are but a few of the everyday heroes that may be eligible for home buying and home selling discounts through Home Benefits for Heroes 

(We are now donating a portion of every closing commission to the Wounded Warriors Project. Your referrals and business help those who have given their all to our country.)

To stay up to date on the latest Real Estate news, Market Trends, Options and Solutions to Foreclosure and Short Sale information log on to www.RigleyRealtyGroup.com

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.

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