Good afternoon, Sacramento and friends! Thank you for joining me today. Justin Vierra here with the Vierra Group at Keller Williams Realty in Sacramento, checking in with you as we do every month for your Sacramento real estate update. This month, my goal is to deliver to you what I believe is the one most powerful thing you really need to know about real estate today. But, before I get into that, we'll jump into the stats really quick.
If you've been following our conversation or listen to any media outlets about real estate, whether it be national or local, you know that a big part of the conversation is dominated about the market cooling off or slowing down or potential problems. But, I think what you should really know is that yes, the market is expanding. Month-over-month, we are listing more homes in general than we are selling, however, the homes that were selling are the same number of homes month-over-month as we have in the past. So, sales are the same; it's just that there are more homes coming on to the market than there have been in the past. If you think about it, in the recent past, there was almost nothing on the market. So, yeah, the market is expanding, but we're talking month-over-month 1/10 of 1%, so it's not that massive of an increase and we're still selling the same amount of sales, so keep that in mind.
When you look month-over-month, the average price is a little bit lower, $3,000-5,000 on average. However, if you look year-over-year, 6% increase in real estate for Sacramento. So, still a healthy market, but an expanding market, so it's really important to understand that dynamic. But, the most powerful thing I think you really need to know is just "be really careful about applying generalized information into your specific scenario". I can tell you from experience in Sacramento, working with clients in the $300,000-$400,000 price range in high demand areas: if you think that the market's really cool, you're going to miss an opportunity on a home that you really like. Then, at the same time, you can't necessarily apply that to the conversation at maybe $600,000-700,000, so you have to be really careful. Of course, neighborhood is really specific in how that price inflection works for you.
So, buyers in the market, my note that I have for you here is: definitely understand that the market's expanding. You've got more homes to choose from, but be careful to overthink that the world is on sale or in real estate, the seller's going to jump on a below-ask offer, $25,000 below ask, or something like that. We're just not seeing that. Sellers have a lot of equity in their homes and they're not necessarily desperate to sell. They would like to sell, but keep in mind, they're going to be a buyer themselves too because we see a lot of move-up buyers.
Sellers: my sellers out there. Be sure you're pricing your home right. Pricing right is going to do everything for you to make sure that your home sells within 30 days. If you're not pricing right, buyers are very sensitive to price and they're going to hold off until you make a move probably first, so you'll see your home sit on the market a little longer. That leads me into being patient as your second tip for sellers. You've got to be a little bit more patient. We might not necessarily sell your home in the first week, but keep in mind, it's probably going to happen in the second to fourth week. Right now, I have 74% of all homes in Sacramento selling inside of 30 days, and I think that sounds like a really strong market in a lot of regards.
So, that's the Sacramento real estate market update and the top tips that I have for you this month. I really appreciate you tuning in every month, subscribing, sharing any comments or questions that you might have, and we'll see you soon. Thanks a lot!