The Federal Reserve raised rates in March, May, and June of 2022. June 15, 2022 was the largest since 1994. I wondered if that was making a difference in the real estate market. It seemed like it as I was working with my various clients, and noticing homes seemed to be staying on the market longer, prices were being cut (a rarity this past year – until this past month), etc. So I decided to do an April – June 2022 real estate market update for Roseville to see if I could tie it into the rate increases – that led to major increases in the interest rates for home loans. We have four lovely 55% retirement home communities in Roseville but since I am currently working with clients specifically in our largest community, Sun City Roseville (complete with two gorgeous golf courses), I decided to focus on this community as well Roseville CA in general (see next section). I used the dates April 24 – June 24, 2022.
Sun City Roseville CA Statistics
36 HOMES SOLD IN Sun City Roseville in the past 2 months – April 24-June 24
6 sold for less than the asking price – of those:
1 home closed in April for $32,400 less than the asking price
2 homes closed in May
1 for $19,900 less than the asking price
1 for $9,500 less than the asking price
3 homes closed in June
1 for 78,500 less than the asking price
1 for 19,000 less than the asking price
1 for 3,724 less than the asking price
6 homes sold for the asking price, including a Delta Breeze in April.
24 homes sold for over the asking price. Of those:
The amounts over ranged from $1,100 to $80,000. Most were in the lower amounts but in addition to $80,000 over for a Shasta on the golf course in May, there was a Country Rose that sold for over $70k in April, a Calaveras that sold for about $60k over in May, 2 Shastas and a Yosemite that sold for about $45k over in April and May.
The most interesting to me? All but 3 of the 9 in June sold for at or under list price. The three that sold over? A Shasta that went for $15,000 over, a Pinery that went for $20,000 over, and an Orchard that went for $2,000 over. So all the much higher amounts over came before the third rate increase.
There are currently about 22 homes for sale in Sun City. Of those, 8 have been on the market 6 days or less. 9 have been on the market for 10-20 days. 4 have been on the market 24-40 days. And one has been on the market for 74 days. And four have dropped their prices!
Hmmmm, I think that July will be REALLY interesting! Of course, it does start with the 4th of July holiday which could slow things anyway. Time will tell. In the meantime – here are some of the Sun City Roseville homes for sale currently:
April – June Real Estate Market Update for Roseville CA Homes
I started this project with the April – June 2022 real estate market update for Roseville CA 55+ homes. But that made me curious about the REST of Roseville. So here are the numbers for all of Roseville (including condos, townhomes, etc.).
429 homes sold between April 24 – June 24, 2022 – which, of course, includes all the above 55+ homes:
- 88 sold for under the list price
- 60 sold for list price
- 281 sold for over list price
Here are some examples of how much over the list price and what zip code they were in. These were all houses that ended up selling for over a million dollars. These were also ALL homes that sold in April or May – NONE of these sold in June.
$140,000 over list price – located in 95678
$170,000 over list price – located in 95661
$175,000 over list price – located in 95747
$226,000 over list price – located in 95747
$251,000 over list price – located in 95747
$278,000 over list price – located in 95747
Days on market ranged from 0 To 109 with 396 selling in 0-30 days, 28 selling in 31-60 days, 3 selling in 61-90 days, the rest selling in 91 days or more
Of the homes that sold specifically in June 2022 – there were 154. Of those:
- 44 sold for under listing
- 25 sold for list price
- 84 sold for over the list price
- Of those, the highest was in 95747 for $60,000 over list price and paid for by cash so interest rates wouldn't likely have had an impact on the buyer.
To add some perspective,
For the same dates last year, April 24 – June 24, 2021, 489 homes sold. Of those:
- 43 sold for below list price
- 39 sold at list price
- 407 sold over list price
- Days on market ranged from 0 – 63
- Of those – 480 sold in 30 days or less, 8 sold in 31-60 days and 1 sold in 63 days, 167 sold for over
Of the homes that sold specifically in June 2021 – 197 homes sold. Of those:
- 18 sold for under listing price
- 12 sold at list price
- 167 sold over list price
So they sold faster last year, more sold last year, and more sold over list price last year.
Here are some of the homes for sale in Roseville CA currently.
Bottom Line For You
Overall, these are not necessarily huge differences, but yet there is a definite slowdown. And when the next interest rate increase hits, I would imagine there will be even more of a slowing.
We are at the tail end of the best times to market your home. Come August and September, school starts and real estate traditionally slows down. That's followed by October – December which is, of course, the holiday season and the slowest time of the year for real estate. That is true in a normal market.
With more interest rate increases projected, I would think we would see even slower activity and lower prices.
IF you do NOT need to sell, awesome! I would personally stay put. BUT for those who DO need to sell, I would recommend getting your house on the market ASAP.
Give me a call at 916-768-0127 or email me at [email protected], and let's discuss it. I would be honored to help you weigh all the various facts along with your personal needs. Even if you sell for less than you would have gotten a few months ago, you should still be able to sell for more than last year. It really is a good time to sell still. And we are STILL in a seller's market since there are fewer homes available than there are buyers, even though we have lost some buyers shopping, due to the increase in interest rates.
Thus, it's also important to price it properly based on what is happening in the market. And I can definitely help you with that, with honesty and integrity and putting your needs at the forefront!
I look forward to talking to you soon! 😊