Real Estate Update
ó In May, the median price increased to $319,000 compared to $310,000 in April. The median is 10.0% higher than a year ago.
ó The available housing inventory is at 1.4 months. Right now, in most areas, there is a shortage of homes available for sale compared to the amount of buyers. A “normal”or “balanced market” is considered about 2.5—3 months.
ó Since i follow the stats every single week i typically can notice trends a little sooner than most. Nearly everyone is saying Sacramento is currently a HUGE sellers market, well i think due to increased inventory over the past few weeks that things have leveled off a little bit. The market is still leaning towards sellers but only for the homes that are priced right/show well/great marketing. The others are starting to sit and i'm seeing some price reductions as well. #PriceSensitiveSellersMarket