Home values continue to climb in the Sacramento region. The median sales price in February was $460,000, up about 3.5% from January and an increase of nearly 16% from February 2020.
"We have a significant demand for homes and very few homes on the market relative to what we normally see this time of year,” said Erin Stumpf with the Sacramento Association of Realtors. "While it's not a total anomaly, it definitely has been a way more significant increase year over year this year than it has been in probably the last five years."
The average number of days a home was on the market last month was six, down from 10 days in February of last year.
"It's really not a surprise to see that median days on market decrease,” she said. “Sellers have a lot of offers to choose from and they don't need to hold their properties on the market quite as long."
Stumpf says the pandemic continues to put a strain on housing supplies. In February of last year there were more than 1,400 homes on the market. This February, only about 800, a 41% decrease.
Stumpf says it's hard to put a house on the market right now, with the pandemic creating barriers to moving through the selling process. Even though Sacramento County is now in the red tier, realtors can't invite the public into check out homes.
"We're still not allowed to do open houses in California at all. That rule has been in place since May or June and I don't foresee that changing anytime real soon."
CapRadio provides a trusted source of news because of you. As a nonprofit organization, donations from people like you sustain the journalism that allows us to discover stories that are important to our audience. If you believe in what we do and support our mission, please donate today.