1) The median price for Placer County homes has remained stable over the past 3 months starting at $649,000 in August and then staying at $645,000 for both September and October, which is actually the same median price as October of last year.
2) The number of new listings added to the market and the number of homes sold over the past 3 months have been offsetting each other by both falling, which has had the effect of keeping the inventory level stable at around 2.5 months. Had either of those stats risen or fallen without the other, we would have seen a change in that number and a change in market conditions.
3) Interest rates dropped last week due to better than expected inflation numbers after rising consistently for months. The Federal Reserve has stated that they plan on continuing to raise rates for the foreseeable future, but for the moment they are down a bit, which offers an opportunity for anyone considering buying in the next year or two.
It is typical this time of year to see a slowdown. Whether the larger trend of slowing will exacerbate this is still unknown.
The good news, and what we can be grateful for, is that the pace at which things are slowing seems to have leveled off for the moment.
Sellers that are willing to price at current prices and are willing to work with buyers are finding success.
Buyers have not had this much selection and flexibility during negotiations for numerous years.
If you are considering buying or selling a home, or if you have a real estate problem you need help finding a solution for, let me know.
Helping people reach those goals and solve those problems is what I love to do.
If you would like to see a complete statistical breakdown for the past month, visit:
Posted by Patrick Hake on