Supply is rising as time on the market decreases
Roseville, Calif. – In 2023 we had the worst year since 2007 in regards to sales volume in the greater Sacramento region and this region includes the following counties; Sacramento, Placer, El Dorado, and Yolo.
With that being said, if you take a look at the graphic below, 2024 has been slightly outpacing last year but not by a huge margin which is making for an interesting market right now.
Supply & demand
Looking at statistics from last year and comparing them to this year we can see that supply is rising and time on the market is decreasing which means that the volume of homes hitting the market is outpacing the volume of homes being sold but the homes that are being sold are flying off the shelves (see below graphic). Why? Two reasons, pricing and demand.
There has been so much pent up demand since the spike in interest rates over the last 2 years and a lot of people were hesitant to act because of the volatility in the market and the uncertainty of the future. Fast forward 2 years later and those people that were waiting on the sideline are starting to act now because this market is going to be the new normal for the foreseeable future and they are adjusting. Which brings me to my second point which is pricing and how crucial that is right now. The homes that are priced accurately are gone within a matter of days and the homes that are hitting the market a little high are sitting and then they get stuck chasing the market.
Placer / Sacramento / El Dorado Housing
About Colby Druckenmiller
Roseville born and raised, Colby Druckenmiller a local real estate agent that brings his passion, experience, and expertise for Placer county and the surrounding cities and counties. You can reach him at 916-918-9594. (DRE#02175857)
