June 2016 H OUSING N EWS R EPORT
months of inventory, and if five months is the norm, that’s huge. But that is not the norm for Sacramento,” he said, adding that the market is still very strong for sellers who price right. “As a broker, I’ve seen the properties that are priced right are selling very quickly. The days on market right now for May … is 22.3 days and 9 days for the median. “You put your property for sale on Saturday, and by the next weekend you have an offer,” he continued. “It is a very fast market, and people are offering very aggressively, and it’s not uncommon for people to offer above market and have multiple offers.” But the multiple-offer environment is not as frenzied as 2013, according to Wright, who explained that a well-priced home now typically attracts three to five multiple offers, while in 2013 it would attract closer to 20.
holding out for a high price. “You should be in a hurry to sell. You want it to sell in two to three weeks.”
Inventory Inching Higher
Gove said that rock-bottom inventory numbers in Sacramento are starting to inch higher, a trend alsoobseredby JoelWright, a Sacramento- area broker who carefully monitors local market statistics. “Our inventory is low, but it is not extremely low like it was at the beginning of 2013 when we had less than 1,000 units (for sale),” said Wright, noting that Sacramento County inventory dropped to a low for 2016 of 1,585 units for sale in March, representing 1.2 months of inventory. Since then, inventory has gradually been increasing. As of June 1, there were 2,081 homes for sale representing 1.3 months of inventory. While 1.3 months of inventory may sound low, it’s not extremely low for Sacramento County, which has averaged 2.1 months of inventory since January 2009, according to Wright.
Joel Wright Broker Wright Real Estate Citrus Heights, California “ Our inventory is low, but it is not extremely low like it was at the beginning of 2013. … People are thinking you have 1.2 months or 1.3 months of inventory, and if five months is the norm, that’s huge. But that is not the norm for Sacramento. ”
Hedge Funds no Longer a Force
Wright and other local market experts point
“People are thinking you have 1.2 months or 1.3
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SOURCE: Joel Wright
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