ó In May 2013, the median price increased to $240,000. That is 42.2% higher than one year ago!!!
ó 34% of the purchases in the month were ALL CASH. First Time Buyers are having a tough time competing with investors in the lower price ranges of $250,000 and below.
ó The available housing inventory is only 0.9 months. A “normal” or “balanced market” is between 4 to 5 months. Sacramento is currently in a Sellers market, but inventory is slowly starting to increase as we head into the second half of the year.
ó The homes that are priced right, show well and have a high quality marketing plan are receiving multiple offers.
ó High Demand and Low Supply/Inventory has driven the market prices up in 2013. 2012 saw a market correction to homes getting under valued in 2011 and buyers reacting to the fact that “the bottom was yesterday.” This seller’s market should continue through the spring and summer. After that, I am starting to see signs that the market is beginning to find a balance and seller’s current power may shift to be more equal this fall and winter.