Sacramento Real Estate Market Update - May 2023

• Median sales price increased just shy of 3% in April, to $515,000 versus $500,500 in March.   Year over year, the median price is down 8.9% from this time last year, when it stood at $565,500.  
• ​The number of properties on the market rose significantly by 19.3% in April over March.   Median Days on Market before a property sells decreased from 16 to 11 days. We currently have 1 month worth of inventory (down from 1.2 months in February).  This statistic means that at the current rate of sales, if no new properties came on the market, we would be out of inventory in 1 month.
• ​Sales were down 6.2% in April; compared to last year at this time, they're down by 41.2%.  

Bottom Line:
Buyers continue to be cautious and conservative due to higher interest rates and other economic factors like inflation, etc.  Lower priced homes, particularly $500,000 and under) are seeing the most competition with many receiving multiple offers and selling over list price.  Limited inventory combined with the spring buying/selling season means homes are selling faster than they were earlier in the year.  Sellers, regardless of where you fall in the price continuum, you need to price your property for today's market and work with a seasoned real estate professional if you want to maximize your sales price.  Connect with me today.