NorCal Homes January Market Update
In January 2016, Sacramento was a seller’s market and the average For Sale price was appreciating. Trends showed an increase in the number of homes for sale, as well as the number of homes placed under contract. However, with all of that being said, the number of homes closed was down nearly 42%. By month end, the average sold price and price per square footage in Sacramento were down slightly from December 2015. January saw a slight increase in the Consecutive Days on Market, with homes spending an average of 3 more days for sale, compared to the previous month.* Still, despite some minor incriminations in statistics for the month, Realtor.com named Sacramento the “6th Hottest” real estate market in the country, predicting increasingly positive trends for California’s Capitol region in 2016. According to the Urban Land Institute, Sacramento is expected to be slightly above average for real estate investing in 2016. There is a lot of talk swirling around the new Kings arena (see: http://www.golden1center.com/) and what that means for the revitalization of Sacramento’s Downtown. New urban attractions and various city-wide happenings (like the ever-trending Farm-to-Fork movement), Sacramento is showing signs of becoming an increasingly popular place to live as it continuous to appeal to a larger, more diverse market.
*Information gathered from TrendVision via MLS