NorCal Homes June Market Update
June 2016 is a Seller’s Market!
To date, 2016 has been a Seller’s Market, with the trend continuing through the month of June. The number of homes listed “For Sale” is up 13% compared to last month. Down 15.5% from this time last year, the market is more competitive for individuals who are looking to purchase homes in the Sacramento area. 1701 of the 2446 units listed For Sale in June were Sold, up 7% from May, and down almost 6% from June 2015. However, the number of homes placed under contract show a significant increase from this time last year (up nearly 22%), with an increase of nearly 11% from last month.
Price per Square Footage is Appreciating!
The average Sold Price in June was $205 per square foot, up 1.5% from May, and almost 10% from this time last year.
Continuous Days on Market is Dropping!
With and average of 24 days spent listed, homes are spending almost 8% less time on the market than they were in the month of May. This is a whopping 20% decrease in the number of consecutive days listed from this time last year!
The Sold/Original List Price Ratio Remains Steady compared to both last month and this time last year.
For Sale Prices Remain Neutral with an average list price of $454,000. At the same time, the Average Sold Price is Appreciating, up 3% from May and nearly 10.5% from last year. The average sold price for the month of June is $358,000.
Overall, there is less inventory than there was this time last year, with both List Prices and Sold Prices increasing, creating a more competitive market for those looking to buy. Houses are spending less time on the market and selling at a higher price per square foot. Although the Sold to Original Price ratio is showing little to no movement, homes are being listed at higher prices, meaning seller’s are still getting more for their homes than they wold have this time last year.