For Sales Decline

Okay, make me officially amazed! Inventory has not started growing like it normally does this time of year, it has actually declined. According to our friends over at HousingTracker, the number of homes on the market in the Sacramento area has declined 2.9 percent in the past month and now stands at less than 15,000 for the first time since the low last spring of just over 13,000. This trend if it continues could make for an interesting second half of the year.

While inventory is declining or at least holding steady during the past few weeks the median asking price for homes has been hanging in the $309,000 range for the past five weeks. As of April 7 it was at exactly $309,000 down .3 percent in the past month. Asking prices seem to be showing signs, albeit weak signs, of stabilizing.

If there was any doubt about buyers getting active it was erased this past weekend when I showed a house one of my clients was interested in. Since it was loaded with Realtor cards I called the listing agent to get a status update. Believe it or not within two days of being on the market she has received 22 offers and said she was not taking any more! As we were leaving, two other agents were pulling up with their clients.