Real Estate Update
ó In August, the median price increased to $324,000 compared to $322,000 in July. The median is 11.7% higher than a year ago.
ó The available housing inventory is at 1.6 months. The inventory is slowly starting to creep up a bit as we head to the end of the traditional “buying season” in Sacramento. A “normal”or “balanced market” is considered about 2.5—3 months.
ó Nearly everyone, that doesn’t keep a real close eye on things, is saying Sacramento is currently a HUGE sellers market. Well, i think due to increased inventory over the past few months that things have leveled off a bit. The market is still leaning towards sellers but only for the homes that are priced right/show well/great marketing. The others are sitting and having price reductions. #PriceSensitiveSellersMarket