March 2024 Sacramento Housing Update

What's the Forecast for the Sacramento Real Estate Market for into March 2024

Latest insights into our real estate market

I know many of you are wondering, “What’s the Sacramento market going to do? 

Well, I’m here today to give you a report from the trenches of what took place in the Sacramento Marketplace for the month of Februray and some trends we saw over those 29 days and at the end of this video, I will share with you some tips on how to navigate the process, whether you are buying a home or selling one. 

Homes for Sale in Sacramento

  • The average sold price is trending down...it was 594,000 in Feburary, up 3.8% from 574,000 the previous month and up 5.9% from $561,000 compared to last year. 
  • 1,965 homes sold in February, down 3% from 2,023 in Feburary of 2023 and 3% lower than the 1,855 sales last month.
  • Versus last year, the total number of properties available this month is lower by 20 units or 6%. This year's smaller inventory means that buyers who waited to buy may have a smaller selection to choose from. The number of current inventory was down 1.5% compared to the previous month.
  • The ratio of sold to the original list price shows us the average amount sellers are willing to come down from the original list price. The higher above 100%, the more of a seller’s market it is. Sold Price Vs. The original List price was 98%, up 1% from last month and up 3.2% from February of last year....

march housing update

So What This Means for You:

Well, Sacramento is still considered a seller's market. Sellers are enjoying a market with less competition listings and strong pricing. Home buyers might face more competitive conditions, but there are always great opportunities and plenty of deals available.

Sellers, make sure to declutter your home and do any repairs prior to hitting the market. Make sure your property is marketed correctly to bring in the biggest pool of buyers, both digitally and traditionally. 

Buyers, work with an experienced agent who can understand your needs. Make sure your agent exhausts every resource to find you homes, not just what's on the MLS.

As we navigate this dynamic market, Big Block Realty North is here with the expertise to guide you, whether you’re selling your home or searching for your dream property.

Remember, every market has opportunities, and our team is dedicated to helping you find them. Let's make 2024 a year of great real estate achievements!

I hope you found this information valuable. If there is anything we can do to support you personally in these changing times or if you have any further questions about real estate, please feel free to reach out to me. I would be happy to help you. We love being Sacramento’s real estate resource. 

Till next time!

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