Doug Reynolds, a Sacramento Area Realtor, talks about the current status of the Sacramento Real Estate Market. For the past 1.5 years the Sacramento Area has experienced one of the hottest sellers markets on record. Even hotter than the bubble years of 2002-2006. The median sales price in January 2012 was $160,000 and has reached $254,000 in August 2013. The factors leading to the price increase and sellers' market was: low inventory, high demand, low interest rates, and cash buyers.
Well, Doug is proclaiming that October 2013 is the finish line of that crazy sellers market and things are now balanced for sellers and buyers heading into the winter months. This is a good thing for the local market as inventory is returning to a normal level and the cash competition has slowed down considerably.