Sacramento Real Estate Market Update February 2023

Sales Down, Median Price Sees Slight Bump

• Median sales price rose by 2.9% in January, to $499,000 versus $485,000 in December.   Year over year, the median price is down 4.4% from January 2022 when it stood at $522,000.  
• ​The number of properties on the market fell by 11.4% in January.  Compared to a year ago January, inventory is up significantly by 64.1%. We currently have 2.3 months worth of inventory (from 1.8 months in December).  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 1.8 months.
• ​Sales were down 28.9% in January; on a year over year basis, they're also down significantly by 42.8%.   

Bottom Line:
The real estate market continues to stabilize and lean toward being more normal or balanced with 2.3 months worth of inventory. Buyers are increasingly price and location conscious as interest rates maintain a see sawing pattern.  Sellers need to price their homes realistically and make certain to hire a Realtor® who will professionally and zealously market their property.