Sacramento County Housing Market Summary May 2023
Discover what's trending with this Sacramento County Housing Market for May 2023. 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 2023
May 2023 was a Seller's market! The number of for-sale listings was down 52.1% from one year earlier and up 3.3% from the previous month. The number of sold listings decreased 21.8% year over year and increased 24.1% month over month. The number of under-contract listings was up 18.9% compared to the previous month and down 17.2% compared to the previous year. The Months of Inventory based on Closed Sales was 0.9, down 36% from the previous year.
Homes For Sale in May 2023
The total number of properties available this month was lower by y 945 units of 52.1%. This year's smaller inventory means that buyers who waited to buy may have a smaller selection to choose from. The number of current inventory was up 3.3% compared to the previous month.
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 2023
The May 2023 Months of Inventory based on Closed Sales of 0.9 was decreased by 36% compared to last year and down 9.8% compared to last month. May 2023 was Seller's market.
Homes Placed under Contract in May 2023
The May 2023 Months of Inventory based on Pended Sales of 0.8 was decreased by 43.8% compared to last year and down 11% compared to last month. May 2023 was Seller's market.
The Days on Market Shows Downward Trend for May 2023
The Average For Sale Price is Appreciating
The Average For Sale Price in May was $1,537,000, up 124.7% from $684,000 in May of 2022 and up 94.3% from $791,000 last month.
The Average Sold Price is Appreciating
The Average Sold Price in May was $595,000, down 5.7% from $631,000 in May of 2022 and up 3.1% from $577,000 last month.
The Median Sold Price is Appreciating
The Median Sold Price in May was $535,000, down 7% from $575,000 in May of 2022 and up 3.9% from $515,000 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!