REAL ESTATE UPDATE
· Home sales dropped in October by 9.5%, from 1,584 to 1,434 for the month. Importantly, sales are up a whopping 19% over last year at this time.
· Median sales price increased, inching up 1.2% from $321,000 to $325,000. Compared with November of last year, the current median sales price is up 11.7%.
· Inventory decreased significantly, with total number of active listings down 17.9% from October to November (2,492 vs. 2,047). Compared to November of last year, the current number of homes for sale is down 4.8%.
Bottom Line: The market has slowed as it typically does during the holiday season, with fewer sales and fewer homes on the market. The buyers who are out there are serious about purchasing a home at this time of year. Sellers, given the extremely low inventory, if your home is competitively priced it will sell quickly in this market.
|Housing Statistics for November 2016|
Source: Sacramento Association of Realtors