The California real estate market is heating up. Home prices are on the rise, multiple offers are common place, and there are many areas in the State that are seeing sold prices way over listing price. In February I wrote an offer for a client on a fixer upper in Woodland, it ended up selling for 243% over listing price. That’s an extreme example but, with low inventories buyers are frantically bidding up to “win” a home.
So, what is the reality of the current market? What percent of homes sold at listing price or greater? Let’s dive into the data to find out.
In Sacramento the percent of homes sold at listing price or greater has held relatively steady from January through April. In January 68% of homes sold at listing price or greater. That number increased slightly to 71% in February and increased again in March to 73%. In April there was a slight decrease to 72%.
Unlike Sacramento’s steady rate, West Sacramento saw a rapid increase in the percent of homes sold at listing price or greater in the first three months of the year. In January 65% of homes sold at listing price of greater. In February that number increased more than 10 percentage points to 76%. The trend continued into March peaking at 85%. In April there was a sharp decrease to 75% of homes sold at listing price or greater.
The Davis market held steady for the first three months of the year with the percent of homes sold at listing price or greater hovering around 40%. However, in April that number jumped to 63% from 42% in March.
The Woodland market followed a similar pattern to that of West Sacramento and Sacramento. The year started out with 39% of homes sold at listing price of greater. In February the number increased dramatically to 61%. March numbers were similar to February’s only slightly lower. The downward trend continued into April with only 52% of sales at listing price or greater.
I hope you find this information useful. Whatever your real estate needs are, I can help. Please contact me to learn more about my real estate services. Thanks for visiting my blog.
All data is from the Metrolist MLS and is accurate up to 4/30/2013.