Discover what's trending with this Sacramento County Housing Market for May 2022. This report is provided to you by Team Lund Real Estate. We're happy to be your go-to source for how many listings are hitting the market, how long houses are staying on the market before selling, and what the median home values were in Sacramento last month!
Sacramento County Housing Market Trends May 2022
May 2022 is a Seller's market! The number of for-sale listings was up 72.9% from one year earlier and up 30.2% from the previous month. The number of sold listings decreased 12.3% year over year and decreased 7.3% month over month. The number of under contract listings was up 5.8% compared to the previous month and down 10.4% compared to the previous year. The Months of Inventory based on Closed Sales is 1.4, up 96.8% from the previous year.
Homes For Sale in May 2022
Versus last year, the total number of properties available this month is higher by 2284 units of 72.9%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 30.2% compared to the previous month.
It is a Seller's Market*
A comparatively lower Month of Inventory is more beneficial for sellers while a higher month of inventory is better for buyers.
Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Homes Closed in May 2022
The May 2022 Months of Inventory based on Closed Sales of 1.4 was increased by 96.8% compared to last year and up 39.4% compared to last month. May 2022 is Seller's market.
Homes Placed under Contract in May 2022
There was an increase of 5.8% in the pended properties in May, with 4115 properties versus 3890 last month. This month's pended property sales were 10.4% lower than at this time last year.
The Days on Market Shows Downward Trend for May 2022
The Average For Sale Price is Neutral
The Average For Sale Price in May was $791,000, up 4.2% from $759,000 in May of 2021 and down 3.1% from $816,000 last month.
The Average Sold Price is Appreciating
The Average Sold Price in May was $658,000, up 9.7% from $600,000 in May of 2021 and up 1.2% from $650,000 last month.
The Median Sold Price is Appreciating
The Median Sold Price in May was $575,000, up 9.5% from $525,000 in May of 2021 and up 0.9% from $570,000 last month.
What does all of this mean for you?
At Team Lund, we understand that buying or selling your home can be one of the biggest decisions you make. We want to provide you with the best, most relevant information to assist you in your journey.
Reach out to us with any questions and we will guide you through every step and help you sell or buy a home that meets your needs while being competitive in today’s market. If you want trends for Placer County or El Dorado County or your specific zipcode or city, we'd be happy to send them to you. Just let us know!