Median home price rose slightly in March from the prior month, currently standing at $481K. More significantly, the median home price in the Sacramento area increased by an astounding 20.3% over March of 2020 when it broke through the $300's to $400K.
Inventory remains at an all-time-low year over year. We currently have 44.6% fewer homes for sale
than we did a year ago. Inventory did rise in March over February by 9.4%, consistent with seasonal trend that should continue going into the summer months. Put another way, we have weeks worth of inventory and months worth of buyers.
Sales rose in March over February by 25%. Buyers made twice as many offers in March 2021 than they did last March AND more are paying between 5% and 10% over asking price than they did last year (25.7% vs. 4.9%).
Bottom Line:
Sellers, if you've been thinking about selling, this is a great time to do it. Even with unprecedented buyer demand, you still need expert marketing and negotiating by a professional to get the highest sales price. Buyers, be prepared to be flexible and creative in crafting your offers. Be patient and, most importantly, ready to move FAST when the right home hits the market.
A 20% year over year price increase has many people wondering if we're in a bubble that's getting ready to burst.
What's your take on the current market?
Drop me a line and let's chat.