Anybody who doesn't realize that the Sacramento market has reached the bottom either isn't paying attention or is watching TV soaps. The activity this August has been nuts. Ordiinarly, I will see a spike right after Labor Day, but instead this year it happened mid-August. It's frightening to think what will happen after Labor Day.
Buyers are demanding deals and concessions, banks, reos and sellers are listening. Mutiple offers are the norm. There is no freakin' inventory. We had 14 months of inventory last December and now Sacramento County has shrunk to 3.7 months. Pretty soon those pending sales and closed sales lines on the charts will cross inventory. When that happens, it means prices will go up. And we are closing in on that mark.
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Broker-Associate at Lyon RE. Selling since 1974, helping buyers & sellers in Sacramento. Land Park resident. Midtown office. Home Buying Columnist for New York Times' About.com. DRE license #00697006
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Yea, Hurray! We are usually 6 months behind you.....I'm doing cartwheels!!!
Great news Elizabeth. I have been preaching this for a while to my clients and I cannot wait to hear something positive out of the media...
Hi Colleen and Aaron: You know, the media always lags behind these things, but I'd like to say you heard it first here. And I'll go out on the limb to say it because I believe it based on facts.
Wow, that sounds so good, and I am trying to see these signs, but they are not yet there. We had sesonal spike in July, but August is slow again.
Well, I guess we just need to wait a little longer.
Elizabeth, I saw this too with the market numbers you had been telling us about especially the shrinking inventory. Buyers better get on the ball there.
We had 14 months of inventory last December and now Sacramento County has shrunk to 3.7 months.
Wow! That's a remarkable change. Thanks for the heads up.
Elizabeth- I had to read your post because our market reflects yours a little on down the timeline. We still have plenty of inventory...lets see what happens!