Doug Reynolds, a Sacramento Area Realtor, provides a monthly update on the market statistics.
In August, the median price decreased to $349,000 compared to $354,700 in July.
More importantly, the median is 7.7% higher than a year ago.
Currently there is 1.5 months worth of inventory. I expect that number to increase more as we approach the summer season but not drastically. A “normal” or “balanced market” is considered around 2.5— 3 months.
The homes that are priced right, show well and have a high quality marketing plan are getting sold quickly. However, the properties that are over priced are sitting with little activity until the list price is in line with the true market value. The overpriced properties are having price reductions to try and get more attention.