Real Estate Update
ó In July 2015, the median price decreased slightly from $295,000 to $292,000. The median is 7.4% higher than one year ago.
ó The available housing inventory is at 1.8 months. I expect that number to increase a bit as we approach the fall. A “normal”or “balanced market” has been redefined over the past decade & is now considered about 3 months.
ó It’s a price sensitive market right now. The homes that are priced right, show well and have a high quality marketing plan are getting sold. The overpriced properties are having price reductions to try and get more attention. The summer market was strong with balance for both buyers and sellers. Sacramento is typically a cyclical market so the volume of sales and pricing will most likely taper off a little bit in the fall/winter.