October 2024 Market Report Sacramento

As a real estate professional, it is important to understand the correlation between various metrics in the market to better serve our clients. 

The Months Supply of Inventory is a key indicator of the balance between supply and demand in the real estate market. A lower number indicates a seller's market, while a higher number indicates a buyer's market. In this case, with a Months Supply of Inventory at 1.98, we are currently in a strong seller's market.

The 12-Month Change in Months of Inventory at +48.87% shows a significant increase in the amount of inventory available in the market compared to the previous year. This could be an indication of a shifting market towards a more balanced or potentially even a buyer's market in the future.

The Median Days Homes are On the Market at 13 suggests that homes are selling quickly in this market. This is good news for sellers who are looking to sell their homes quickly and for buyers who need to act fast in making an offer.

The List to Sold Price Percentage of 100.1% indicates that homes are selling for slightly above the listing price on average. This could be due to high demand and low inventory in the market.

Lastly, the Median Sold Price of $514,500 gives us an idea of the average price at which homes are selling in the market. This information is useful for both buyers and sellers in determining fair market value for properties.

Overall, the current market conditions show a strong seller's market with low inventory, high demand, and homes selling quickly at or above listing price. Buyers should be prepared to act fast and potentially offer above asking price, while sellers can expect to receive strong offers for their properties. Keeping an eye on these metrics can help both buyers and sellers make informed decisions in the real estate market.