August 2020 Market Update

Here’s how our Sacramento real estate market is doing in August 2020.

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How is the Sacramento real estate market doing in August 2020? Today I’m sharing all the latest statistics.

It’s still currently a strong seller’s market; the number of listings has decreased by 45.6% from last year and 12% from last month. The number of sold listings is down by 2% compared to last year but is up from last month by 12%. At the same time, the number of under-contract listings has risen 4% from last month and 14% from last year. Based on closed sales, our amount of inventory has declined by 46.5% from last year.

“Inventory is very low, prices are escalating, and buyers are out looking for homes.”

This change in inventory has affected prices; the average sold price per square foot has increased by 2.5% from last month and 7.5% from last year. Based on the trends of the last six months, the average sold price is appreciating. The average days on market is up 4.5%. Inventory is very low, prices are escalating, and buyers are out looking for homes. 

If you’re considering selling, now is the time. Many of our listings are receiving multiple offers and selling quickly. You should get out there if you’re a buyer as well; mortgage interest rates are at new historic lows every week. It’s an ideal time to buy or sell in our Sacramento market. 

If you have any questions about buying or selling, please reach out to us via phone or email. We would love to be your local resource and help you achieve your real estate goals.