NorCal Homes August Market Update

Posted by Taylor DeBerry // September 15, 2016

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The trend continues! August 2016 continues to bring good things to Seller’s in the Sacramento market, and word is starting to spread. There is a nearly 3% increase in the number of homes on the market compared to last month (but still down from this time last year). The increased supply isn’t slowing down sales, with 11.7% more homes placed under contract, and a 7.4% rise in the number of homes closed from July. 

This month shows the average sold price per square foot is slightly appreciating, up .5%, (to $205.00 per sqft) that’s a nearly 11% increase from this time last year. Even though the average sold price has shown a (very) slight upheaval, the sold/original list price ratio is falling, down 3% from last month, closing at an average of 96% of asking. Despite an overall increase in prices, homes are spending less time on the market, with an average 25 continuous active days listed.  

If you’re thinking about selling, or are jut interested in learning more about the options available, give us a call! We would love to help. 🙂 

 

Below is a more in-depth breakdown from Sacramento MetroList of the current trends in the area:

Home For Sale in August 2016: 2755 units. • Up 2.9% compared to the last month • Down 5.2% compared to the last year   Home Closed in August 2016: 1704 units. • Up 7.4% compared to the last month • Up 3.3% compared to the last year   Home Placed under Contract in August 2016: 1935 units. • Up 11.7% compared to the last month • Up 18.6% compared to the last year

August 2016 Average Sold Price per Square Footage is Appreciating* Average Sold Price per Square Footage in August 2016: $205  • Up 0.5% compared to the last month • Up 10.8% compared to the last year   August 2016 Average Continuous Days on Market trend is Falling* Continuous Days on Market in August 2016: 25 • Down 3.8% compared to the last month • Down 26.5% compared to the last year   August 2016 Sold/Original List Price Ratio is Falling* Sold/Original List Price % in August 2016: 96% • Down 3% compared to the last month • Down 2% compared to the last year

 

August 2016 Average For Sale Price is Depreciating*

Average For Sale Price (in thousand) in August 2016: $450

•	Down 0.7% compared to the last month
•	Up 10% compared to the last year

 

August 2016 Average Sold Price is Neutral*

Average Sold Price (in thousand) in August 2016: $356

•	Up 1.1% compared to the last month
•	Up 11.6% compared to the last year

August 2016 is a Seller’s market* Months of Inventory based on Closed Sales in August 2016: 1.6 • Down 5.9% compared to the last month • Down 11.4% compared to the last year