I’m not going to lie… the last few weeks, the market has felt “weird”. Interest Rates rose above the 7% mark in the end of September and since then, buyer activity has slowed and homes are getting less action than they were before.
The Greater Sacramento Region is a large area made up of 6 counties and each county is experiencing things differently.
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Let’s start off checking out the latest in Yuba County. Right now, there are only 264 active single family homes listed for sale in the county and the median listing price is $459,250. Despite Yuba County being one of the most affordable counties in the region, homes are taking a while to sell.
The median days on market before a home goes under contract is 74- and the average days on market is 116.
Looking at the active inventory, 41% of the active homes have reduced their price since hitting the market. 2% of the active listings have increased their price since listing for sale and in today’s market I do not understand the determination to increase an asking price, but to each their own!
Yuba County has 9 active listings that are in foreclosure at this time. 8 of these homes are listed as short sales and one of them is a regular sale. A short sale occurs when the homeowner owes more on their mortgage than they are able to sell the home for. I was curious to see when the homeowners who are facing foreclosure purchased their homes and all of the homes in foreclosure in the county were purchased between 2021-2024. This does not surprise me much because the market during 2021 was a crazy seller’s market and buyers were offering significantly above asking, waiving appraisals or paying above them, and buying without inspections just to get their offers accepted. Once the rates increased, the market slowed way down and ever since rates went up, we have been appreciating at a much lower rate- averaging around 1.5-3% per year, so I am not surprised to see that homeowners who purchased during these years do not have much equity.
Now let’s talk about the biggest county in our region: Sacramento County where we currently have 2,428 active single family homes listed for sale with a median listing price of $569,990.
Sacramento County is the only county in the region whose days on market before a home goes pending sale has not grown with the recent interest rate, keeping us in a seller’s market- even though it is really starting to FEEL like a buyers market. The median days on market before a home goes pending sale in the county remains at 42 days.
42% of our active listings has had a price reduction since hitting the market and 10% of our active listings are re-listed homes- meaning they are homes that were listed for sale earlier this year, failed to sell and recently relisted- most of them for a lower price.
Since Monday 10/12, 225 new listings came to the market which sounds like a lot of homes to hit the market all at once, but in that same seven day period, 168 homes also accepted offers- this is a classic example of why inventory remains low.
In Sutter County, there are 202 active single family homes listed for sale in our MLS with a median listing price of $495,000.
The median days on market before a home in Sutter County goes under contract is 49 days and 43% of our active inventory has reduced their price since hitting the market.
There are 4 active listings in the county that are in foreclosure. 3 of them are listed as short sales and 1 is a regular sale showing us that the seller has equity but has fallen behind on their mortgage payments.
Moving on to Nevada County now, which I must say is absolutely gorgeous these days with the fall colors showing off! If you have not made a drive out there recently, you should!
Nevada County has 323 active single family homes listed for sale with a median listing price of $625,000. The median days on market before a home goes under contract is currently 77 days and the average is 123 days so it is taking a while for the average home to get under contract.
Looking at our active inventory, 40% of our active listings have reduced their price since hitting the market. 4 of our active listings are in foreclosure right now. 3 of them are listed as short sales and 1 of them has equity but is behind on mortgage.
Moving on to Placer County now where we have 1125 active single family homes listed for sale with a median listing price of $730,000. The median days on market before a home in Placer County goes pending sale is 55 days and 43% of our active listings have had a price reduction since hitting the market. 10% of our active listings are relisted homes that failed to sell earlier this year.
Since last Monday, 84 new listings hit the market and 66 homes went pending sale. 13 of our active listings are in foreclosure. 10 of them are listed as short sales and 3 have equity but are behind on payments. Short sales are becoming a hot topic with the numbers rising, but they still make up a small sliver of the market as a whole- which is GOOD.
I have 3 amazing homes listed in Placer County priced well below the average price! Check them out here:
This home is located at 1662 Benvenito Lane, Lincoln CA and it offers you 2,077 square feet with an open floor plan, 3 spacious bedrooms, 2 bathrooms and a brand new HVAC system! The home is on a large corner lot and offers a private back yard. Priced for only $569,000! It is in the Sorrento Community and has NO HOA!
Then, I have this awesome home located at 1917 Hillock Court, Rocklin Ca. This home is a 3 bedroom, 2.5 bathroom that also has a large loft area and offers 2,171, square feet with a large backyard! Freshly painted inside this one is move in ready! No HOA and the melloroos are only $70/year. Listed for only $585,000!
Then there is 915 Campfire Circle, Rocklin CA which offers you 4 bedrooms, 3.5 bathrooms and nearly 2400sqft! The home is in move in ready condition, offers an open floor plan perfect for entertaining and has SOLAR! Listed for $649,000.
Moving on to El Dorado County where we have 678 active single family homes listed in our MLS with a median listing price of $672,000. The median days on market before a home goes under contract is 77 and the average is 113 so it is taking longer for homes to enter escrow. 44% of our active listings have had a price reduction since hitting the market and 10% are relisted homes that failed to sell earlier this year- most of the relisted homes have a lower price tag now.
Since last Monday, 63 new listings came to the market and 29 homes went pending sale. 9 of our active listings in El Dorado County are in foreclosure, 2 of them are being sold as regular sales showing those owners have equity and 7 are short sales.
Interest Rates are the biggest topic in the real estate world these days and some predictions are expecting to see rates go up before they go back down, so my advice to any home buyer is to focus on what your potential mortgage payment looks like instead of the interest rate- if you can afford the payment, buy a house! There are MANY amazing deals out there right now and sellers are negotiating more than they have in years. If you need advice or have questions about the market, I would love to assist so reach out anytime!
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