Sacramento CA Real Estate Market Trends - Aug 2022
Channel: TomDavesRealtor
Date: 2022-09-10

Don’t you wish you had a crystal ball?
 
Well, during my 35+ years in the industry it would have been nice to have a crystal ball to read where the market was going but since that wasn’t an option I had to do it the right way and dig into the data to see what’s really happening based on real numbers and not just guessing or a magical crystal ball…
 
 So let’s dig into the numbers to see what’s happening right now in our market…
 
The recent data from August has moved again…but not in the direction it has been… 

These are the numbers for Placer, Sacramento and El Dorado counties and on this first chart it shows us the inventory, and as you can see in the light green we experienced the first decline in homes for sale since December of 2021 going from 3777 homes for sale in July down to 3618 homes for sale in August.  

And in the dark green we see the sold properties, which actually increased from July’s 1662 to 1737 in August. 

In the red is pending sales, which we saw a sizeable 23% increase from July’s 1652 pending homes to 2047 in August.

This next chart shows price per square feet…which we continued to see a small drop from 343 sqft in July to 338 sqft in August.  This is to be expected as the values have been decelerating the past few months.
 
On this next graph we have the list to sold ratio which continued it’s slight decline from 98% in July to 96% meaning that homes on average are selling for 96% of what they are listed for. And down below in the orange we see that the average days on market has increased by another 6 days from July to August, taking homes on average 28 days to sell. 
 
And on this last chart we see Months of Inventory.  This chart shows us how long it would take to sell the existing inventory which has actually dropped from July’s 2.3 months to 2.1 in August.  This is related to the decrease in new homes on the market. 
 
In looking at this chart many might think that is the market has already shifted but remember 0-3 months of inventory is a  sellers market, 4-5 months is a Neutral market, and 5+ buyers market.  So you can see that we are still in a strong sellers market. 
 
What does this mean to you if you’re a buyer?
You still have lot’s of options available, sellers are more willing to negotiate and you don’t have to feel rushed when shopping for a home!
And if you’re a seller?

We are still seeing homes sell at or above the list price if they are PRICE RIGHT…Yes, values have slightly decelerated but they are still up.  In Placer County alone, values are still up nearly 15% from March of 2021 and many economists are indicating that home prices will climb 2-3% annually over the next few years. 

And we are still seeing a surplus of bay area cash buyers looking to relocate to the Sacramento Area.
 
So you don’t need a crystal ball to see that our real estate market is still healthy. 
  
If you have questions you should speak to a professional with over 35+ years of experience.  Give me a call at 855- Tom-Dave or go to TomDaves.com

Buying a Sacramento Area Home? Search ALL Homes For Sale: 
https://www.sacramentometroproperties.com/

Selling Your Sacramento Area Home? Get a FREE Home Value Report: 
https://www.tdaves.com/whats-my-home-worth

Tom Daves
Tom Daves Team
Sacramento, California
CalBRE #00581837
Phone: (916) 296-5841
Toll Free Number: (855) 203-2300
Email: tom@tomdavesteam.com
Website: www.tdaves.com