Sacramento Real Estate Market Update & more

Where was real estate market in May? May was another great month for real estate in Sacramento area. Yes, Sellers Market on Steroids, homes selling fast and we had more homes "Pending" than "For Sale" and "Sold" ,similar to March and almost similar to April ,as you can see in the graph below. 

 Even though it is hard to get the offers accepted in this market (supply is low/demand is high), it is not impossible by all means. I wrote 5 offers in the past 30 days and all got accepted and those buyers have already got the key to their homes or will be getting them soon. 

Some numbers for that barbecue party  real estate conversation: Last month, inventory in our area was 1.1 month in our area. (Nothing new: It has been fluctuating between 1 to 1.7 for the past year) Well, what does that mean? (See the slide bellow) When inventory is bellow 6 months, it means we are in a sellers market. (Some sites might suggest that number to be 3 or 4 months) So, it means we have to have at least 3 times more home than we have now on the market, until we can start calling it a "neutral market", a market where sellers will have a harder time selling their homes and where buyers would have more muscle at the negotiation  table. And do you see so many homes being built at the moment? I don't. Conclusion: It is going to be a sellers market for a long time. It might "soften up" but I can't foresee us moving into a total neutral market (much less a buyers market) anytime soon. 

What else? I have a new listing in West Sacramento which I will be holding open this weekend from 11 to 2 both days. Come and say hello: 2824 Almond St is over 3100 sqft with a large master suite downstairs,  4 bedrooms and a large loft upstairs in beautiful West Sacramento, the Switzerland of Northern California.