If you’ve heard or seen anything about the Roseville real estate market you already know it’s favoring home sellers right now. You don’t need any charts to tell you that. But find out the numbers in this Roseville Real Estate Market Trends For March 2018.
The number of for sale listings was up 8.8% from one year earlier and up 5.2% from the previous month.
The number of sold listings decreased 1.9% year over year and increased 26.1% month over month. This stat isn’t necessarily helpful because it’s based on houses that have closed escrow. The close of escrow date is agreed on by the parties. So the average may be 30 days but it could be 15 days or 45 days. For example, if the home buyer’s loan is delayed, that will push the close date out.
The number of under contract listings was up 38.3% compared to previous month and up 9.5% compared to previous year. This is where you want to focus with regard to the number of houses selling. This is a more reliable factor to look at. And as you can see, the number of sales are up.
The Average Sold Price per Square Footage was up 2.2% compared to previous month and up 8.4% compared to last year. Another indication of the seller’s market.
The Median Sold Price increased by 3.3% from last month. The Average Sold Price also increased by 5.9% from last month. More numbers showing the seller’s market.
The Average Days on Market showed a downward trend, a decrease of 9.7% compared to previous year. Again, the number of buyers in the market has increased causing homes to sell more quickly.
The ratio of Sold Price vs. Original List Price is 99%, was the same compared to previous year. The ratio of sold price vs the original list price is a good display of why you shouldn’t overprice your home. Sellers are receiving 1% under their asking price – without reducing the price. Another indication of a strong market and correct home pricing from the start.
Property Sales (Sold)
March property sales were 2150, down 1.9% from 2192 in March of 2017 and 26.1% higher than the 1705 sales last month. It’s Spring so there’s no surprise that more houses are selling month to month. The fact that the sales were down year over year is likely because the inventory is limited.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month is higher by 246 units of 8.8%. This year’s bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 5.2% compared to the previous month. Yep, you guessed, it’s Spring.
Property Under Contract (Pended)
There was an increase of 38.3% in the pended properties in March, with 2869 properties versus 2075 last month. This month’s pended property sales were 9.5% higher than at this time last year. More homes under contract.
The Average Sold Price per Square Footage is Appreciating
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values.
The March 2018 Average Sold Price per Square Footage of $233 was up 2.2% from $228 last month and up 8.4% from $215 in March of last year.
The Days on Market Shows Downward Trend
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market.
The DOM for March 2018 was 28, down 17.6% from 34 days last month and down 9.7% from 31 days in March of last year.
The Sold/Original List Price Ratio is Rising
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market.
This month Sold Price vs. Original List Price of 99% is up 1% from last month and the same as in March of last year.
The Average For Sale Price is Appreciating
The Average For Sale Price in March was $616,000, up 0.8% from $611,000 in March of 2017 and up 2.8% from $599,000 last month.
The Average Sold Price is Appreciating
The Average Sold Price in March was $449,000, up 11.1% from $404,000 in March of 2017 and up 5.9% from $424,000 last month.
The Median Sold Price is Appreciating
The Median Sold Price in March was $403,000, up 9.8% from $367,000 in March of 2017 and up 3.3% from $390,000 last month.
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
Buyer’s market: more than 3 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The March 2018 Months of Inventory based on Closed Sales of 1.4 was increased by 7.8% compared to last year and down 17.7% compared to last month.
Months of Inventory based on Pended Sales
The March 2018 Months of Inventory based on Pended Sales of 1.1 was the same compared to last year and down 21.5% compared to last month. March 2018 is Seller’s market.