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Sacramento Real Estate Trends

July 2017 is a Seller's market!

The number of for sale listings was down 16.2% from one year earlier and up 14.7% from the previous month. The number of sold listings decreased 2.4% year over year and decreased 13.7% month over month. The number of under contract listings was down 0.6% compared to the previous month and up 1.7% compared to the previous year. The Months of Inventory based on Closed Sales is 1.4, down 17.9% from the previous year.

The Average Sold Price per Square Footage was up 0.5% compared to the previous month and up 8.8% compared to last year. The Median Sold Price increased by 2.3% from last month. The Average Sold Price also increased by 1% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Appreciating".

The Average Days on Market showed a downward trend, a decrease of 18.2% compared to the previous year. The ratio of Sold Price vs. Original List Price is 100%, an increase of 1% compared to the previous year.

It is a Seller's Market

Property Sales (Sold)

July property sales were 1555, down 2.4% from 1594 in July of 2016 and 13.7% lower than the 1802 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this month is
lower by 433 units of 16.2%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is up 14.7% compared to the previous month.

Property Under Contract (Pended)

There was a decrease of 0.6% in the pended properties in July, with 1734 properties versus 1744 last month. This month's pended property sales were 1.7% higher than at this time last year.

The Average Sold Price per Square Footage is Appreciating*

The Average Sold Price per Square Footage is a great indicator for the
direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The July 2017 Average Sold Price per Square Footage of $222 was up 0.5% from $221 last month and up 8.8% from $204 in July of last year.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

The Days on Market Shows Downward Trend*

The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for July 2017 was 18, down 5.3% from 19 days last month and down 18.2% from 22 days in July of last year.

The Sold/Original List Price Ratio is Rising**

The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 100% is the same as last month and up from 1% % in July of last year.

Average For Sale Price is Neutral*

The Average For Sale Price in July was $499,000, up 10.2% from
$453,000 in July of 2016 and down 3.3% from $516,000 last month.

The Average Sold Price is Appreciating*

The Average Sold Price in July was $386,000, up 9.7% from $352,000 in July of 2016 and up 1% from $382,000 last month.

The Median Sold Price is Appreciating*

The Median Sold Price in July was $355,000, up 10.9% from $320,000 in July of 2016 and up 2.3% from $347,000 last month.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

It's a Sellers Market*

A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

*Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory

Months of Inventory based on Closed Sales

The July 2017 Months of Inventory based on Closed Sales of 1.4 was decreased by 17.9% compared to last year and up 27.6% compared to last month. July 2017 is Seller's market.

Months of Inventory based on Pended Sales

The July 2017 Months of Inventory based on Pended Sales of 1.3 was decreased by 19.1% compared to last year and up 17.8% compared to last month. July 2017 is Seller's market.