Thursday, November 8, 2018
I always like this graph that Trend Micro puts out every month. It's very easy to read and it give a good visual of how the real estate market is going in Sacramento and Placer county. The green line is simply showing that sellers are having to come off their asking price around 5% to get it sold. This is a solid indicator that the market has shifted to more of a buyers market. Back in the spring of 2018, sellers were getting almost 100% of ask. Some sellers were getting over asking, that's how that percentage is almost at 100%.
The orange graph is representing the days on market to sell. I'm scratching my head a bit with these numbers because on another graph I noticed the months of inventory is at 2.7. There's a correlation here... We can see that the DOM has increased along with the number of houses for sale so that does make sense.
The biggest thing to take away from this is that properties are selling on average 95% of asking price.
Prop 5 not passing is going to add to the slow down. I was holding out hope that prop 5 would pass. That would have helped seniors move closer to their families and bring their property tax basis with them. I had several folks from the bay area that were counting on that; however, looks like they're not moving now. Can't say I blame them!
If you have any real estate questions, feel free to give me a call.