Before you get too excited for me, I didn’t move to the Islands. I did visit Kauai last month and it was a beautiful vacation but I’m back home now and I’m back to selling real estate in our region. I did want to be sure you know, however, that I GO WHERE YOU GO when it comes to being able to help you, no matter where that may be. Through our relocation network at Coldwell Banker, I am able to interview and help you select a real estate professional worthy of your business. So that being said, the next time a conversation turns to real estate, or if you’re looking at a sale or purchase outside of our area, I hope you’ll give me a call.
Speaking of the real estate market, let’s talk about how things are going locally. Did you know that there are 53% fewer homes on the market in Sacramento County than we had this same time last year? Some zip codes are even more drastic. At a time when we would typically be seeing sufficient supply of homes for sale to satisfy the demand, 2023 is painting a very different picture. As is typically the case, supply vs demand has a way of driving prices up, which we're experiencing. It also causes homes to stay on the market fewer days; another result of this market. And sellers are getting over asking price in many cases. It’s becoming very apparent that most homeowners over the past few years took advantage of the incredibly low interest rates and have no interest in moving. The pandemic has had a lasting effect on many industries and real estate is no exception.
You might think that the 7% interest rates would be causing buyers to take a step back and wait for money to become more affordable but surprisingly, they’re not. This graph is an example of sales in Orangevale. What this graph is showing you is that there were 30 sales in the month of May; leaving only 16 homes available for sale at the end of the month. If this same trajectory were to continue without new inventory, we would be out of homes for sale in Orangevale in two short weeks. That’s a little crazy but that’s the reality of today’s market. We keep waiting for sellers to take advantage of this fast paced market but so far, most are sitting tight.
Obviously some people will sell their home in this market. There are factors that cause people to want or need to sell in every market and when they do, it appears there will be a line at the door.
I continue to be grateful as we’ve been blessed over the years to work with people like YOU who keep us busy, no matter what the market conditions are. If you have questions about your neighborhood or a neighborhood you’re considering making a move to, don’t forget that I'm here for you. Let’s talk about real estate. Call me.
