How's the Roseville Market Doing?

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The most common question we get here at the DeMattei Team is "How is the market doing?" There's no easy answer to this question because it depends on three factors:

• Location: The better the location, the better the market.
• Condition: The better the condition, the faster the home will sell and for more money.
• Price points: This is the most important factor, as market conditions vary greatly among the different price points. 

In our market right now, the under $300,000 market is red hot because there isn't a lot of available inventory. In the $300,000-$500,000 price point, we had about 1,500 homes for sale and we closed 843, which equates to an inventory of 1.8 months of inventory (a strong seller's market). Prices in this price range are stable right now and homes are selling.

The next range is the $500,000-$750,000 price range. In this range, we have 740 homes for sale, and last month we closed 227 homes, for a supply of 3.3 months. This is a neutral market where neither buyers nor sellers have a distinct advantage. If you're a seller in this price range, you really need to price your home in relation to what the comparable sales say it should be priced at. 

We start to see a very dramatic change in the $750,000-$1 million price range. Last month, there were 258 homes for sale and we closed 43, making this a buyer's market. There is a lot to choose from in this price point.

Finally, there is the $1 million+ price range, in which we had 249 homes for sale last month and only closed 12. This equates to a 20-month supply of homes and a distinct advantage for buyers in the luxury market.

The good news is that pending sales are up in every price range! This means we're moving more toward a seller's market in the higher price ranges. In the lower price ranges, it means prices are being pushed up slowly, and homeowners in that price range are building more and more equity. 

If you have any questions about market conditions in your specific area, or if you need real estate assistance of any kind, give me a call or shoot me a quick email. I would love to hear from you!