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 CountyHousing Market which includes West Sacramento, Davis, Woodland and surrounding areas through November 2021. 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
Tis’ the season for change and falling inventory levels. As we head into the holidays and Winter just around the corner we start seeing the market shift we always witness this time of year. Our SOLD inventory is down -0.8% with 120 homes selling in the month of November. Our new listings fell -55.4% as well to an all time low of 62 new listings. These still are extreme lows compared to pre-pandemic numbers. Even as our month over month numbers are way down. November SOLD properties are -14.8% and our listed inventory fell -45.6%. This is compared to 139 homes listed in November 2019 listings.
Inventory continues to be the big red flag and remains far below normal. I will point out that buyers can expect a slightly better deal during the holiday and early winter months as demand slows creating better pricing and more importantly better chance of actually getting your offer accepted. Less competition always makes for better buying opportunity.
If we compare these numbers to our pre-pandemic numbers in 2019 we see a clear inventory shortage created from the disbursement of suburbanites heading out of the city seeking refuge in a new home far from where they once had to commute to work. In November 2019 our inventory levels were nearly 70% more, interest rates were low and while the market was brisk there was room for buyers. There were 251 homes listed for sale in November 2019 compared to just 62 this year.
Our sales price however has dropped significantly over the last six months. Our current average sold price is $620,000 which is only a -3.1% decrease month over month and a full +8.2% year over year. However it is more than -11% less than our peak sold price of $695,000 back in June 2021.
Our Days On Market (DOM) has begun to climb up as well to a 10 month high of 26 days. This could all be seasonal but something feels a bit different. Over the last few months we’ve heard from buyers that they are fed up with pricing going up, up, up and will wait to see if pricing comes back down.
There may be hope for these buyers and sellers should exercise caution here as the Federal Reserve on December 14th and 15th during their meetings announced plans to increase tapering and raise interest rates next year. We don’t expect a interest rate increase until the earliest March 2022. But as the saying goes… Higher interest rates equates to lower home prices.
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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