@SacAppraiser

Appraiser, housing market analyst, graph maker, blogger, speaker, woodworker wannabe, and family man.

 Sacramento, CA
SacramentoAppraisalBlog.com
Joined October 2009
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UPDATE: Governor Newsom‘s property is listed for rent at $30,000 per month while simultaneously being listed for sale at 7.5 million.
Ryan Lundquist@SacAppraiser2h
Gavin Newsom's house in Sacramento County has been listed for sale at $7.5M for 64 days now.
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Gavin Newsom's house in Sacramento County has been listed for sale at $7.5M for 64 days now.
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I wrote about this home when it listed. My offer to bake chocolate chip cookies for an open house still stands. sacramentoappraisalblog.com/…

Baking chocolate chip cookies for Gavin Newsom’s open house - Sacramento Appraisal Blog

I've offered to bake cookies for an open house for Governor Gavin Newsom's home that just hit the market, but I'm guessing the listing agents aren't going to take me up on it. Haha. Yes, I did...

sacramentoappraisalblog.com
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Monthly median and average sales price in North Highlands since 1999. Check out how flat it’s been in recent years.
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Here’s what’s happening with supply. A little bit of growth lately, but it’s not really from more new listings hitting the market. This is the pile of active listings growing because not as many properties are getting into contract.
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Let’s zoom in also for a closer view. Many areas of Sacramento look like this. Down from mid-2022, pretty flat for a number of years, and some brewing downward pressure in light of supply growth.
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If you woke up wanting to see sales volume in Roseville, I've got you covered. A little growth this year through last month, and it's been financed buyers making the difference. Let's keep watching.
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I always like stats like this. Sellers listening to the market is a good thing. 39% of pendings over the past two weeks needed a reduction before getting into contract compared to 61% that did not need a reduction.
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And some other stats.
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Beautiful view tonight from the Sunrise Bridge. No filter. Love the American River. I’ve actually been sick all week. This was the first time I even went outside.
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Builders are offering fat concessions to entice buyers, but sales volume has plummeted, so concessions clearly aren't working well.
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Here's a much wider view of new construction between July and September since 2002. Notice how much more new construction we had in the early 2000s as many neighborhoods were being built out? We've not been able to get back to those levels.
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A new visual. These are new listings since 1999 in the Sacramento region. What stands out to you?
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If we want to see the housing market heal, we need more sellers to list their homes. We’ve seen a rise in active supply lately, but that’s mostly about less buyers causing the pile of active listings to increase.
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“Buyer volume is the worst ever.” That’s been the narrative this week when talking about a national pending volume index by NAR. Is it the worst ever in Sacramento? Here are some stats and some thoughts.
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more replies
It’s important to distinguish between buyer demand and listings. Demand is extremely low today, but listings are nothing like 2007. There were about 12,000 more during September 2007. We are seeing some growth lately, and this has softened the market.
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In closing, it’s not the worst buyer volume ever technically. However, when we consider population growth through the decades, this is really bad today.
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Housing supply has been growing, and it has changed the temperature of the housing market. These aren’t historically high levels, but we are far removed from 2021 vibes, and the market is feeling it. I have eleven other counties in case anyone wants to see. Let me know.
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And here's housing supply since 1999. It's good to back up for perspective to recognize we are not at historic highs. Yet, it's also more challenging to see the trend right now if we zoom out too far since it was so extreme in 2007. My advice? Back up and zoom in. Do both.
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It's not that sellers are flooding the market. This is mostly about buyers backing off, which has helped the pile of actives listings grow.
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