Spring 2024 Sacramento Market Snapshot
Photo by Kyle Smith on Unsplash
This is typically the time of year when the market peaks in Sacramento, and so far we are trending in that direction. June is often the month with the greatest number of closings, which indicates a peak number of homes going into contract in May. Ryan Lundquist of the Sacramento Appraisal Blog seems to feel that we are turning the corner on market activity, based on several indicators. Chief among them is a downtick in the number of pendings with multiple offers (48.9%) versus closings in April (57.1%) and May (61.9%). Inventory remains low compared to pre-2023 levels, but each month so far 2024 has exceeded last year. Anecdotally, the market has felt very hot, with properties going into contract very swiftly and for over asking, sometimes very significantly over asking. A few charts from Sacramento Appraisal Blog are below, but be sure to visit the site for a much greater deep dive.