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 Yolo County Housing Market which includes West Sacramento, Davis, Woodland and surrounding areas 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 just can’t catch up… January leaves us in the same condition we have been in for the duration of this pandemic and that is with very little homes to sell. We closed out a total of 71 homes in January 2022 which is -37.7% less than we sold in December and -22.8% less year over year. We have been consistently selling fewer homes each month now for six months. Our inventory remains the cause for alarm. Inventory levels held steady at 62 homes in January 2022 slightly more than December at +1.6% and a negative -4.6% from a year ago. Many of had hoped more inventory would come up for sale but sellers remain on the fence and in a tough spot with no where they can move up to, down to or even those wanting to bail on California are finding prices climbing to record highs in other areas as well. The fact remains is it is hard to buy a home right now. It is about to get even harder.
With interest rates climbing above 4% and the Federal reserve Bank indicating more rate hikes in the coming months we could be starring down a 6% interest rate by years end. It will be interesting to see the impact this has on the market since inventory keeps demand so strong. However, with rising rates typically home values will decrease. The buying power is shrinking. Our price per square foot hit a historic all time high of $387.00 which equates to +16.9% monthly increase and a 29.9% increase year over year.
Historically pre-pandemic numbers we had strong buyer demand as well. Just not as bad with so little inventory I think we are in for more of the same. If we look back at January 2022 we can see that we sold 92 homes or +22.8% more than we dis this month and more importantly we had listed +66.8% more homes for sale which then would ease the buyers pain a bit. We have pretty much stayed between 30 days on market max to as little as 10 days. January was not much different at 17 days on market which is -39.3% less than a year ago. Not only are prices going up the the listed price vs. the sold price ration is well above the 100% threshold now at 103%. We did hit 10% back in June 2021 so we will see where this goes. This certainly would indicate that if you are buying you will want to be above the asking price if you plane to get your offer accepted.
Our sales price of $580,000 is a bit of a regression from the December 2021 price of $625,000. This seems low and perhaps we had a large amount of the homes that sold in January sell for less than our running average. February should bring a stronger number. At $580,000 we see a +1.9% appreciation which seems very low. We only need to look at our listed for sale pricing to see we remain steady at $865,000.
Typically November, December and January can be hard months to read without a consistent message. Here we a steady November and December buut January jumps out with some interesting fluctuations in the sold price. Perhaps February will tell us more. as of now I am still predicting a strong spring selling season. Get in while you can.
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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