Aug 2024 Market Report for Sacramento

In the current real estate market, there is a strong correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price.

With a Months Supply of Inventory at 1.75, this indicates a low inventory of homes available for sale compared to the current demand from buyers. This low inventory level typically results in a competitive market with homes selling quickly.

The 12-Month Change in Months of Inventory increasing by +69.9% suggests that there has been a significant increase in inventory over the past year. This could be due to more homes being listed for sale or a decrease in buyer demand. 

Despite the increase in inventory, the Median Days Homes are On the Market is only 13 days, indicating that homes are still selling quickly. This could be attributed to the high List to Sold Price Percentage of 100.5%, showing that homes are selling for above their asking price on average.

The combination of a low inventory level, quick selling time, and homes selling for above asking price has led to a Median Sold Price of $519,900. This indicates that sellers are able to achieve favorable prices for their properties in the current market conditions.

Overall, these metrics suggest a seller's market with high demand, low inventory, and homes selling quickly and above asking price. Buyers should be prepared to act fast and potentially offer above asking price to secure a home in this competitive market. Sellers can take advantage of the favorable conditions to achieve a good sale price for their property.