Sacramento County Housing Market Summary November 2020
Here's what's trending this November 2020 for the Sacramento County Housing Market. 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 November 2020
October 2020 was a Seller's market! The number of for-sale listings was down 46.7% from one year earlier and up 8.7% from the previous month. The number of sold listings increased 3.1% year over year and decreased 5.6% month over month. The number of under contract listings was up 11.3% compared to the previous month and up 29.8% compared to the previous year. The Months of Inventory based on Closed Sales is 0.7, down 45% from the previous year.
Homes For Sale in October 2020
The total number of properties available this month, versus last year, is lower by
961 units of 46.7%. This year's smaller inventory means that buyers who waited
to buy may have smaller selection to choose from. The number of current
inventory is up 8.7% compared to the previous month.
Comparatively lower Months 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 October 2020
• Up 16.7% compared to last month
• Down 45% compared to last year
Homes Placed under Contract in October 2020
• The same compared to last month
• Down 60.5% compared to last year
The Days on Market Showed a Downward Trend for Oct 2020
The Average For Sale Price For Homes In Sacramento Is Neutral
The Average For Sale Price in October was $656,000, up 12.5% from $583,000
in October of 2019 and down 1.4% from $665,000 last month.
The Average Sold Price is Appreciating
The Average Sold Price in October was $486,000, up 13.8% from $427,000 in
October of 2019 and up 0.6% from $483,000 last month. The Median Sold Price in October was $440,000, up 14.3% from $385,000 in October of 2019 and up 0.5% from $438,000 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!