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 January 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
We kick the year off on lowest level of inventory in our statistical history. We sold 1,481 homes in January 2022 which is the lowest in 18+ months. Down -29.1% compared to December totals of 2,089 homes. This is just a -5.3% year over year sold total. Our listed for sale inventory was slightly better than December with 1,109 homes available for sale in January 2022 +5.9% from December and up +10.9% year over year. This is good we need more inventory of we are to satisfy the buyer demand. Our price per square foot remained at the highest level ever at $329.00 which was flat compared to last month and up substantially +17.9% year over year.
When we dive into the pre-pandemic prices we see our sold numbers are not far from January 2020 numbers, only +4.0% growth while our inventory levels remain extremely low -51.7%. This means we had more than –50% less homes to sell than we did prior to Covid-19. Our sales price to list price ratio remains above hundred percent at +102% which means there are still no real bargains on the market. If you price your home correctly and have it professionally marketed you will get more than your listed price. We can also peek into our pending sales to look in the future at what our closed sales will be in the coming month. Our pending sales are up +3.6% month over month. However, they are down -6.6% from a year ago. It’s going to be interesting to see how February shapes up as pending are down.
The days on market (DOM) rose to a 18+ month high of 23 days which is up +9.5% from a year ago. Days on market is the time it takes for a home that is listed on the public MLS to the time an accepted offer is put in place. The closed sales price of $629.00 is only a +1.1% growth from December 2021 but a solid +15.2% appreciation year over year. New listing prices remain high and elevated at $860,000 which is a six month high goin back to April 2021 when listing prices had inflated to $879,000.
All indications are a robust and vibrant spring selling season on the horizon. With inventory at all time lows and demand still very strong. Even with interest rate hikes now in the 4% range and expected to continue to climb to as much as 6% by the end of the year one would think a reprieve might be in the future. As they say… When interest rates rise home values decrease. As long as inventory remains as low compared to demand we will continue in this vicious sales market.
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.
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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.
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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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