Local Market Update

Local Market UpdateCitrus Heights Market Update

The median list price in Citrus Height’s this week is $377,000.00.  The 75 properties have been on the market an average of 17 days.  This week 21 homes Sold and 32 houses went pending. Inventory is down -26.6% compared to what it was last year at this time.  The market is HOT as we head into summer!

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 17 days on market (DOM).  The number of homes going into escrow (pending) has increased by 19.1% from this same month one year ago (2016).  The number of Citrus Heights homes that have sold has increased by 13.6% in the last 12 months.

What does this mean to you?  If you are thinking about selling your home, this could be the right time!