* The median price ended the year at $297,000. A 10.8% increase from the year before!
* 17,578 homes sold in 2015. That is 11.4% higher than the 15,778 sold in 2014.
* Of all the Sales from 2015: 16.6% were CASH, 47.1% Conventional, 26.7% FHA and 6.2% VA.
* The available housing inventory has remained historically low for the past year. Currently there is 1.8 months worth of inventory. I expect that number to increase more as we approach the spring/summer seasons. A “normal” or “balanced market” has been redefined over the past decade and is now considered around 3 months.
* The homes that are priced right, show well and have a high quality marketing plan are still getting sold quickly. However, the properties that are over priced are sitting with little activity until the list price is in line with the true market value. The overpriced properties are having price reductions to try and get more attention. I’m calling it a “balanced but price sensitive market.” The current market is the most “normal/balanced” market we have seen in the Sacramento area in over 10 years.
* 2016 is looking like another “Normal/Balanced/Healthy” market with some appreciation.