REAL ESTATE UPDATE
· Home sales dropped in October by 3.8%, from 1,647 in September to 1,584 in October. Sales are still up 4.2% over last year at this time.
· Median sales price increased slightly, up .8% from $318,500 to $321,000. Compared with October last year, the current median sales price is up 10.7%.
· Inventory remains tight throughout Sacramento County, with total number of active listings decreasing 10.2% from September to October (2,774 vs. 2,492). Compared to October of last year, the current number of homes for sale is down 7.6%.
Bottom Line: We’re seeing pretty much what we expect for this time of year, with fewer sales and fewer homes on the market. Buyers remain price sensitive despite the low inventory. Sellers need to price their homes competitively, or they risk sitting on the market until one or more price reductions grab a buyer’s attention.