Discover what's trending with this Sacramento County Housing Market for December 2023. This report is provided to you by Team Lund Real Estate. We're happy to be your go-to source for how many listings are hitting the market, how long houses are staying on the market before selling, and what the median home values were in Sacramento last month!
Sacramento County Housing Market Trends December 2023
December 2023 was a Seller's market! The number of for sale listings was down 32.7% from one year earlier and down 22.9% from the previous month. The number of sold listings decreased 20.7% year over year and decreased 5% month over month. The number of under-contract listings was down 10.2% compared to previous month and up 5% compared to previous year. The Months of Inventory based on Closed Sales was 1.5, down 11.5% from the previous year.
Homes For Sale in December 2023
Current Inventory (For Sale) Versus last year, the total number of properties available this month was lower by 461 units of 32.7%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory was down 22.9% compared to the previous month.
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Homes Closed in December 2023
The December 2023 Months of Inventory based on Closed Sales of 1.5 was decreased by 11.5% compared to last year and down 16.5% compared to last month. December 2023 was Seller's market.
Homes Placed under Contract in December 2023
The December 2023 Months of Inventory based on Pended Sales of 1.5 was decreased by 38.1% compared to last year and down 17% compared to last month. December 2023 was Seller's market.
The Days on Market Shows Upward Trend for December 2023
The Average For Sale Price was Neutral* The Average For Sale Price in December was $726,000, up 8.8% from $667,000 in December of 2022 and up 0.7% from $721,000 last month.
The Average Sold Price was Depreciating* The Average Sold Price in December was $561,000, up 5.5% from $532,000 in December of 2022 and down 0.4% from $563,000 last month.
The Median Sold Price was Neutral* The Median Sold Price in December was $535,000, up 10.3% from $485,000 in December of 2022 and up 2.9% from $520,000 last month.
* Based on 6-month trend – Appreciating/Depreciating/Neutral
What does all of this mean for you?
At Team Lund, we understand that buying or selling your home can be one of the biggest decisions you make. We want to provide you with the best, most relevant information to assist you in your journey.
Reach out to us with any questions and we will guide you through every step and help you sell or buy a home that meets your needs while being competitive in today’s market. If you want trends for Placer County or El Dorado County or your specific zipcode or city, we'd be happy to send them to you. Just let us know!