What IS Going On With Real Estate Market!
“The market is better.” “The market is worse.” “The market is slowing” “Home Prices are Up” “Where are home prices?” “Interest rates are increasing.” “Interest rates are not increasing.” WHAT is going on with real estate market!?!?!?!?
Real Estate Answers in General
Short answer – no one knows!
No one EVER knows! Well, no human does. 🙂 To truly know what is going on with anything in the future requires more skills than any humans possess. Granted, there are some really smart people who can make wise guesses. But even with the most brilliant, such as my mom's favorite, Warren Buffet – NONE are 100% correct.
Long answer – real estate is VERY local!
It really is true that real estate, overall, is very local! So it might be going UP in one city, and DOWN in another city and STAYING PUT in yet another city – all in the same state. Or one state might be doing great and another not so hot. We've seen that time and again over the years! I especially notice it as I have kids and other relatives scattered all over the U.S. So I get to see different trends in a variety of areas. For those of us here in Roseville and the greater Sacramento area – that's the most important to us! While my cousins in Southern California might disagree. Or my kids back east. 😉
General Real Estate Numbers in Roseville
Roseville answers! THAT's what we want to see, right? What is going on with real estate market in Roseville CA? 🙂 And the best way I can answer that question is to compare how we are doing now with how we did last year at the same time. THE SAME MONTH. That's another vital component of real estate market trends.
SPRING Real Estate in Roseville
If you compare how we are doing NOW in AUTUMN – with how we did in SPRING – you will get a wonky picture. Because Spring is traditionally busy! Especially for families with kids. They want to get a new home and get settled as soon as school is out or thereabouts so they can know what school the kids may be moving to come next Fall. The holidays are over. On top of that, for the last few years there haven't been enough homes to go around. So now we have motivated, sometimes almost desperate, buyers coupled with too few homes which often leads to multiple offers, each getting higher and higher. Which ends up with prices getting jacked up higher and HIGHER!
AUTUMN Real Estate in Roseville
Now we are in AUTUMN. There are still too few homes BUT few buyers as well. So homes are staying on the market longer. PLUS interest rates went up – leading to even fewer buyers. So those sellers who put their homes on the market and look at the prices last spring may think they can get the same great prices. But for many, they will discover that probably isn't going to happen. Which also leads to houses staying on the market a bit longer.
ANY SEASON Real Estate in Roseville
There are exceptions of course! One example I am very familiar with are the Sun City Golf homes! Golf course homes in Sun City are still HOT! That's in large part due to the fact that there are REALLY few of those available at any given time. And there are definitely MOTIVATED BUYERS for those. So they still sell fairly quickly for great prices. BUT I'm seeing a lot of the regular homes in Sun City popping up with high prices and longer days on market! And not just in Sun City.
Roseville CA Recently Sold Homes – Zip Code 95747
Using the zip code in my neck of the woods – Roseville CA 95747, I picked a 31-day month in spring, summer, and fall and did a search for Recently sold homes this year as well as homes sold at the same time in 2017. Below you'll see how many sold in each of those months and what the price per square foot range was.
- November 2018 – 80 basic single family homes sold ranging in price per square foot from $145.11 – $363.11
- July 2018 – 107 basic single family homes sold ranging in price per square foot from $158.34 – $373.58
- March 2018 – 96 basic single family homes sold, ranging in price per square foot from $153.81 – $441.18
- November 2017 – 112 basic single family homes sold ranging in price per square foot from $157.45 – 357.78
- July 2017 – 107 basic single family homes sold ranging in price per square foot from $132.54 – 337.50
- March 2017 – 102 basic single family homes sold ranging in price per square foot from $128.52 – $303.03
Rather interesting, don't you think? And still good news for sellers as you'll notice that the prices per square foot from March 2017 to November 2018 have increased.
Another Way of Looking at the Roseville Real Estate Market
Then I went into our MLS' handy dandy Real Estate Market Trends Tool. I set it for Roseville; 1 year – November 2017 – October 2018; Non-REO, Non Short sales; and single family homes ranging from 0 – 1/2 acre of property.
- October 2018 – 160 homes sold
- October 2017 – 214 homes sold
Fewer homes sold. But interestingly – notice October 2018 vs September 2018 – number of homes available was down but number of homes that sold was up! And yes, October is STILL a SELLER's MARKET
The average price per square foot for Roseville homes sold is down .9% from last month but up 3.6% from October 2017!
Looking Closer – Sun City Roseville
Of course, some houses went up more, some houses went up less, some houses may not have changed. A lot also depends on Location Location Location as well as upkeep of the home! OR If a home has a special offering. Let's go back back to my example of Sun City Roseville golf lots (can you tell I have been working with clients who LOVE those golf lots! 🙂 ).
Sun City Roseville Golf Homes For Sale
Since October 1, 2017 there have been approximately 25 golf lots sold in Sun City. As you can see below, their price per square foot ranged from $255.79 to $375.63. And the house prices ranged from $450,000-749,500. 6 out of 25 were on the market for over a month – about 24%.
In the last month, there were only two homes that closed and they were $545,000 and $670,000. Plus, check out their price per square foot in the picture below:
Sun City Roseville – ALL Homes for Sale
Compare that to all homes sold in Sun City Roseville (INCLUDING the golf lots 😉 ). For the same time period (October 1, 2017 – November 30, 2018), there were about 215 homes sold. The high and low price per square footage ranged from: $216.03 to $389.93 And the house prices ranged from $314,000 – $749,500 over the whole year. About 61 out of 215 were on the market for over a month – about 28%.
In the last month the price per square foot ranged from $230.92 – $342 while the house prices ranged from $319,900 to $670,000. See the chart below, in order of price sold:
Sun City Roseville Homes for Sale Currently
There are currently about 19 homes for sale in Sun City Roseville – and only one of which is a golf course home! Which is pretty typical as you can probably tell from the above info. Of those, 5 have been on the market UNDER one month. The rest are already over. Some are probably priced a bit higher than they should be and will sell once the prices drop a bit. Although, you never know. Come January, things will start to heat up. February and March might start those multiple offers going. And who knows. We might see prices pop up even higher. Or not! One thing about Real Estate – it's NEVER boring! 🙂
YOUR Real Estate
How about you? Ready to buy a home before the end of fall OR sell your home? Or waiting until after Christmas? Either way, when you're ready, we're here to help. AND we go out of our way to make things easier for you. As I like to say, we LOVE to spoil our clients!
In the meantime, enjoy the last of the lovely fall colors, have a delightful Christmas and holiday season. And we'll look forward to talking to you soon!