Real Estate Update
ó In November, the median price increased to $290,885 compared to $290,000 in Oct. 15. The median is 9.8% higher than a year ago.
ó The available housing inventory is at 1.8 months. I expect that number to increase a bit as we approach turn the calendar to 2016. 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 but Sacramento is typically a cyclical market. So, the volume of sales and pricing will most likely taper off a little bit in the winter.