Citrus Heights Market Update

MLSCitrus Heights Market Update

The median list price in Citrus Height’s this week is $364,000.00.  The 120 properties have been on the market an average of 14 days.  This week 22 homes Sold and 46 houses went Pending. Inventory is up 7.1% compared to what it was last year at this time.  The market is still hot as we approach Fall.

Supply and Demand

Real Estate prices rise and fall based on the laws of supply and demand. When the demand for real estate is high, prices tend to rise.  If the number of available properties increases, prices tend to drop.  Supply and demand is difficult to balance in the real estate industry.  Often it is just not possible for the supply to increase in time to meet consumer demand.  Understanding the basic principles of supply and demand can help a consumer decide when the best time is to buy or sell a property.

Days on Market

The homes for sale in Citrus Heights have an average of just 14 days on market (DOM).  The number of homes going into escrow (pending) has increased by 4.7% from this same month one year ago (2016).  The number of Citrus Heights homes that have sold this month have not increased or decreased from this same time 1 year ago.

If you are thinking about selling your home, the Fall Market is traditionally known as the second best selling season of the year!

 

*Stats provided by the MLS.  All information is deemed reliable, but not guaranteed.

Real Estate Q&A

Q and AThis is a column dedicated to answering frequently asked questions we get from our clients  while working in real estate.

Question:  “Should I wait to buy a home over the holidays or winter time to get a better price?”

Answer:  This is one of the most common questions we receive and I want to just summarize the pros and cons of a winter/holiday purchase briefly.  We have all heard it said before that the best time to sell a home is in the spring/summer market.  Pricing in real estate is often influenced by supply and demand.  Usually homeowners will choose to avoid selling their home over the holidays because they want to get “top dollar.”  A buyer may find that there is less competition from competing buyers and that sellers price more aggressively when purchasing a home over the holidays/winter months.  However, a challenge that catches buyers off guard when house-hunting over the “slower” months, is low inventory.  Low inventory often results in buyers not having as many choices when trying to find a home making it difficult to purchase a home that meets their needs.

In summary, when is the best time to buy?  Many factors play into this decision including if you have to sell a home first, local market conditions, and ultimately personal goals and strategy.  The best time for you to purchase a home might not be the best time for your friend to buy a home.