Buyers and investors in the housing market of Sacramento, CA are in search of great prices, superior quality, and affordable options that include great rates. The market isn’t a constant factor because change occurs monthly, quarterly, and annually that all have a major affect on the condition and activity of the housing market. Once the most attractive offers are on the table, the numbers and location seem to work hand in hand to close the deal. Real estate is a very crucial field of business, and the economy can take a toll on what happens from day-to-day in the market of housing. In order to remain intact with the best rates and options, it’s essential to research the current, past, and expected trends of the housing market.
Home Prices in Sacramento
The average square foot price for homes in Sacramento was approximately $180 in comparison to last year this time. This reflects an overall increase of a bit more than 14.5% in homes that averaged a sales price of $225,000 between July and October of 2014. This number is calculated based on the sales of 2,160 Sacramento homes. The average sales price increased approximately $18,500 compared to the same time one year ago, which reflects about a 9% increase, with sales dropping about 15%. The current market reflects about 1,400 resale and new homes in Sacramento according to certain listings. The first week of October reflected average prices of $264,410, which was a decline of a little more than 5% compared to the week prior. The most popular neighborhoods of South Land Park and East Sacramento were averaging prices around $554,300 and $198,380.
The Sacramento Sales Trend
Average sales price of Sacramento homes for July through October 2014 was approximately $225,00, which reflected a stable sales margin with no increase or decline in comparison to the previous quarter. These numbers did reflect an increase of approximately 9% in an annual comparison. The prices of homes in Sacramento have shown an appreciation over the past 5 years of approximately 55%. The average sales price for homes in primary listings for the end of the opening week of October was $264,410. This was a drop of about 5.5%, when weighed against the previous week, and a decrease of approximately .6% compared to the second week of September. Again, homes in the most popular areas are highly sought after, but pricing is important as well.