Since I’m a numbers geek, I love seeing watching trends of the local real estate market here in Sacramento. I think visuals in the form of graphs and charts are a great way to explain the local market activity I see and experience on a daily basis.
June continued as expected, with rising inventory as we typically see through July. However, inventory is still 15% below where we were at the same time last year, and pending sales are 22% OVER where we were last year in June! Buyers are buying – it’s definitely a seller’s market!
Days on market (DOM) – the number of days it takes for homes to go pending – continues to shrink as buyers actively watch the market and pounce on great homes.
Home values continue to rise as market pressure and low inventory display a classic case of economics … supply and demand. High demand and low supply = an increase in prices.
I’d expect July to continue with increasing inventory, but not end up anywhere close to where we were last year. I think home values will continue to increase for the next month or two, and then flatten out as we enter our “cold” winter season as buyers and sellers head toward hibernation. Yes friends, winter is coming. 🙂
Enjoy the graphs and let me know if you want to chat about the local market!