More Than May Flowers

In addition to May flowers the local Sacramento real estate market saw an increase in the number of homes sold and at a higher price than the previous month. As expected homes coming on the market exceeded those sold or taken off and the level of inventory in the four county area has exceeded 13,000.

Sacramento, Place and El Dorado all had increases in the median sales price while Yolo County remained about even with the April numbers. For more information and some details of what happened in May see my real estate news page at jalone.com.

As much as we read about what is happening in the market it continues to amaze me how many homes are coming on the market with sales prices that are not close to being aggressive. After almost five years of rapidly rising prices it is difficult to imagine not selling your home for more than your neighbor did two months ago. Way to many sellers are taking what I call a “lets give it a try” approach rather than coming on the market with the price they know will get sellers attention. I firmly believe there is a about a 10 day period when you come on the market and generate some excitement. If the home is priced high the showing, if any, are minimal. You can’t sell your home if no one is looking at it.

Overall the good news is more homes are selling and the median sales price is up a bit in May. It has clearly become a buyers market but for sellers priced at appropriate levels there are interested buyers.