This report is generated around the 20th of each month once the previous months numbers have been posted. What we see here is a report generated for the Tri-County Housing Market which includes Sacramento, El Dorado and Placer Counties through February 2022. So we are always looking a month behind. Our statistics are derived from the Metrolist This is the Multiple Listing Service provider for all real estate brokerages in the Tri-County region. If you have questions or wish to know a more specific account of your properties value and the timing of either selling or buying we are always happy to jump on a Zoom or meet with you at your property to evaluate and discuss a strategy. We can be reached via cell/text 707.580.3499 or email us at concierge@elitepartnersrealestate.com
As always in February we start to get a glimpse of the early spring selling season and this year is no different than the last but much different years past. We still struggle with inventory being so low. We closed out 1,481 homes in February 2022 which was a slight +1.5% tick up month over month and +14.9% year over year. Meanwhile the inventory available for sale continues to keep up with demand as we only had 1,205 homes available for sale in February 2022 compared to 1,579 a year ago and 2,367 homes back in February 2020 pre-pandemic. In fact February 2020 was the last month before we hit Covid-19 and the markets changed. February 2022 represents a near -50% less in inventory from our pre-pandemic levels.
Our pending number have really picked up giving us insight to how strong our spring will be. Pending sales for February 2022 are up +26.2% month over month and +10.2% year over year. The price per square foot rose to an historic all time high of $342.00 at least we haven’t recorded this high in the last 15 years which is all we can measure. This is up slightly +4% month over month and +19.6% year over year. It pays to own real estate. With the stick market tumbling everyday homeowners are in a good place with their homes.
Our days on market (DOM) is back down to 18 days a -21.7% decline from January 2022 but only down 5.3% year over year. The sales price ratio to list price remains above 100% with a 2% increase month over month and year over year. The average closed sold price of $646,000 is the second highest in the year and most likely on its way up. This is a .06% increase month over month and represents +15.2 appreciation for the last 12 months.
If we follow the numbers we can see things are not changing much even with the higher interest rates now above 4% and climbing. Spring should shape up to be challenging for buyers and hard for sellers to find a new place to move up, down or away to.
The opinions expressed in this report are those of Don McDonald, Founding partner, and REALTOR with RE/MAX Elite Partners brokered through RE/MAX Gold. They are not in any way intended to express what RE/MAX, RE/MAX Gold or any other agent or brokerage may think. It is my honest analysis backed but some market data. Check back each month around the 25th or so for an update as we continue down this path.
About Elite Partners
The diverse and high performing team at Elite Partners epitomize integrity, energy, hard work, and service throughout each transaction they conduct. The Elite Partners have been responsible for over $1 Billion in transactions over the last 13 years and have ranked in the top ten worldwide within RE/MAX.
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If you live here already, you know how blessed we are. If you’re considering living or investing here, you’ve probably experienced some of the area’s extraordinary possibilities: country settings and small-town communities; enthralling agricultural beauty, and true farm to fork lifestyle, If Northern California is your real estate destination, you’ve arrived at the right spot. Whether you’re looking to buy your first home – or to sell an estate – expect nothing less from us than a Meritage blend of real estate expertise, professional service, creativity, and a passion for achieving your goals.
Mike Martin and The Elite Partners were a great help in finding our first home , he answered all our questions and was honest on what he could and couldn’t do. When we contacted him he got back to us within a few hours which was great , it made the whole process less stressful and fore the most part pretty easy. We love our new home and would happily recommend Mike and the RE/MAX Elite Partners.
-Jason & Amanda
Steve Cohn is an excellent realtor. When my wife and I were buying our first home he was eager to help. He knows and understands the process of buying a home as well as the market very well. Steve and the RE/MAX Elite Partners were responsive and helped us out the whole way through. I will surely use him in the future and have recommended him to a number of people already.
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It was a pleasure to work with Victoria to sell our first home. She was very knowledgeable and helped us through the hole processes. She made sure we understood what was happening and what we needed to do as sellers. If we were staying in the area we would have helped her find our new home as well. She and The Elite Partners were able to refer us to another great agent when we purchased our next home. I highly recommend her if you are looking to buy or sell your home.
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