SACRAMENTO REAL ESTATE
- In March the median home price was $328,000, up .9% from February. More significantly, the median price has more than doubled since the low of January 2012 ($160,000).
- Home sales increased in March, from 1,028 in February to 1,407. Compared with last year, sales are down 2.3% (1,440 sales).
- Total number of homes on the market is up slightly (3.8%), from 1,469 to 1,525. Despite the increase, the months of inventory decreased from 1.4 to 1.1 months in March. Months of inventory reflects an estimate of the amount of time it would take for all listings to sell if no new listings became available.
- Bottom Line: Sellers, your home will sell quickly at market value or above but ONLY if 1) you price it realistically, and 2) hire an agent to market it strategically and aggressively. Buyers, be prepared to compete against multiple offers on competitively priced properties, and make sure your financing is solid and ready to go before you write an offer.
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