Sales rose significantly in June, by 45.9% over May. Year over year, sales are down by a mere 1.4%. Nearly half of all sales occurred in the $300K - $450K price range.
Median sales price climbed by a respectable 5.1% in Sacramento County and the City of West Sacramento, from $395K to $415K. Compared to last year, when it stood at $390K, median sales price is up by 6.4%.
The number of homes on the market decreased in June by 15.8% and a whopping 36.7% over last year.
Bottom Line: Pent-up buyer demand over the past few months materialized in July home sales. Sellers continue to be reluctant to put their homes on the market, as seen in the extremely low number of homes on the market, but those who do are being richly rewarded particularly in the lower to middle price ranges. Multiple offers are resulting in a sales price over asking price. Many sellers can dictate their terms, for example, negotiating additional time to stay in the home before their new property is available. Buyers who are still waiting for a COVID price discount continue to be sidelined in an appreciating market.
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Sincerely,
𝒜𝓃𝓃 𝒱𝓊𝓁𝑒𝓉𝒾𝒸𝒽
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