It wasn’t long ago that Sacramento was called the worst real estate market in the county because it’s median home price had fallen more than any other.
Now, with a 3.9 months supply of homes, you could say it’s a seller’s market in Sacramento.
Even though about 25% of home sales are bank owned properties, the inventory of homes listed for sale in Sacramento continued to decline.
After such a long spell of lousy news on the housing front – for sellers and owners, that is – here’s a surprise: In today’s housing market, there are just 3.9 months of for-sale inventory in Sacramento County and West Sacramento.
The number, from the Sacramento Association of Realtors, means it would take just about four months to sell every listing inside its territory at the current sales pace.
A year ago, SAR pegged that number at 11.4 months.
The article says many home owners are putting off selling their homes until prices rebound. That’s silly. The real reason is many home owners have decided they now don’t want to sell at all at such low prices.
{ 2 comments… read them below or add one }
Tedd 09.28.08 at 8:15 pm
This seems congruent with what I have seen at sites like listingsupply.com, where MLS listings around the country are starting to finally (and slowly) come back down to Earth. I only hope Phoenix will follow Sacramento.
p.s. Thank you, John, for maintaining this excellent website. I visit weekly.
John Wake - Real Estate 09.28.08 at 9:20 pm
Tedd,
Thanks for the complement and stopping by!
And tell your friends!
John