Carmichael Housing Market Data for May 2022
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Median Housing Market Data
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With the feds raising rates the housing market is changing. We are now in a different housing market. If you are selling you can’t overprice your home, or it will sit much longer and most likely will sell for less.
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The feds are expected to continue to increase the federal funds rate. The housing market may very well start to decline. If this happens you will want to price your house under other home sellers with a similar home.
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NOTE: I have excluded the condos and townhomes from these numbers this month. I feel it will give us more true numbers. The pending changed from 78 to 71. That means 7 condos and townhomes sold that are not in the current numbers.
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With homebuyers being priced out of the housing market. The lower-priced homes and condos will be more favorable.
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HOME SELLERS STRATEGY: If you have a smaller home or condo, you can price your home a little higher. The homebuyers are now looking at those homes. REMEMBER; rising interest rates mean higher monthly payments for the homebuyer!!!
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First for the good news. Carmichael housing prices are up 👆 16%. This is comparing May sales this year to May last year.
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Active listings (inventory) have increased. This is normal this time of year. The DOM has increased as well. This will continue to rise because of the interest rates.
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Expect the multiple offers to start to decline.
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Of the homes currently pending 61% have more than one offer. In April the pending’s were higher at 67%.
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Of the homes that sold in May, 75% had more than one offer. In April the sold homes with more than one offer were 80%.
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If you are thinking about selling, right now is the time. If you want top dollar! Yes, listing your home SUCKS! Here is a helpful list of do’s and don’t when selling a home.
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If you are thinking about moving to a bigger or smaller home but you are worried about having to move twice. I have a method put in place, so you only have to move once.
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For more housing information visit my blog at https://www.allcahomes.com/blog/
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March-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
40 |
$672,000 |
$0 |
11 |
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Pending |
72 |
$549,950 |
$0 |
7 |
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Sold |
49 |
$556,900 |
$560,000 |
8 |
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Sold 2021 |
62 |
$497,000 |
$520,000 |
6 |
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April-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
53 |
$599,000 |
$0 |
9 |
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Pending |
61 |
$595,000 |
$0 |
7 |
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Sold |
65 |
$549,900 |
$576,000 |
6 |
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Sold 2021 |
79 |
$499,000 |
$510,000 |
6 |
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May-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
70 |
$633,000 |
$0 |
14 |
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Pending |
71 |
$575,000 |
$0 |
8 |
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Sold |
47 |
$599,900 |
$625,000 |
9 |
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Sold 2021 |
78 |
$500,000 |
$530,000 |
6 |
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Average Housing Market Data
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Homes will start to stay on the market longer. More home sellers will have to drop their prices to get their homes sold. Look at the difference between the original and list prices (highlighted in blue). This large gap is from home sellers dropping their price.
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Look at how much higher the active listings are compared to the pending and sold homes.
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In green below the were far fewer home sales this year compared to last year in May.
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Many home buyers will make at least one of these mistakes when buying a home. Don’t let that be you!!!
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May-22 |
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# Listings |
Orig Price |
List Price |
Sale Price |
DOM |
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Active |
70 |
$781,472 |
$763,279 |
$0 |
28 |
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Pending |
71 |
$662,226 |
$651,275 |
$0 |
13 |
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Sold |
47 |
$675,315 |
$660,066 |
$680,777 |
15 |
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Sold 2021 |
78 |
$634,047 |
$628,130 |
$642,819 |
16 |
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In the chart, we are comparing the last 6 months of home sales this year to the same time last year. These numbers are not as important in the changing housing market. The housing data covers too much time. It covers too many months of housing data. This means the changes will not show up as soon.
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Carmichael housing prices are up 👆 10% when comparing this housing data.
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Carmichael |
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Home Sales last 6 months |
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# of Sales |
Median List Price |
Median Sales Price |
DOM |
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Apr-21 |
384 |
$460,000 |
$476,000 |
6 |
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Apr-22 |
367 |
$525,000 |
$530,000 |
8 |
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May-21 |
369 |
$495,000 |
$510,500 |
6 |
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May-22 |
313 |
$542,000 |
$561,000 |
7 |