-MARKET UPDATE-
Hello, hello! I'm writing you from our downtown Davis office where it hasn't stopped raining and thinking to myself "at least we got a nice 3-day weekend before this two-week stretch of rain!" I spent the weekend in Los Angeles and had the best time at Redondo Beach. If you like seafood and beer, there’s a bar on the peir with over 100 beers on one side and a fresh seafood market on the other. I highly recommend the Micheladas at the seafood market!
In real estate news, we currently have 86 active listings and 31 pending properties in the West Sacramento market.
Over the past two weeks, we have seen the following:
- Seventeen new listings came on the market (three have already gone pending).
- Prices range from $225,000 to $895,000.
- The median active price is $587,500 (avg. $584,268).
- Twelve listings went pending ranging in price from $320,000 to $1,150,000.
- The median pending price is $467,450 (average $585,829).
- Six of the pending listings received multiple offers.
- Thirteen listings closed escrow.
- The median closed price was $470,000 (average $578,538).
- Five closings received multiple offers.
- Nine properties closed under the list price, and two closed over.
- Sixteen closings were conventional financing, three cash, two FHA, and one VA financing.
There's been a dip in incoming inventory which is to be expected this time of year. The Holidays are around the corners and the weather is cold and rainy. For many, home buying in the winter is not ideal but if you can, buyers tend to have the most leverage during this time. Less competition means you may have a better shot at a bargain. If you're thinking "I'll wait until the Spring to start looking again" consider thinking again. 53% of the listings in West Sacramento have had a price reduction, so there definitely is some wiggle room for buyers.
The next newsletter will be the week of Thanksgiving. To view the Refresh Newsletter featuring neighboring communities, simply click the corresponding image at the bottom of this email.
Best,
Marcela Cardenas
(916) 384-5661
DRE# 02251851
Image description: Metrolist Chart showing active, pending, and closed listings in West Sacramento
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