Citrus Heights Housing Market Data for February 2023
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Median Housing Market Data 🏡
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This is the time of year when the housing market starts to take off. Citrus Heights housing prices are down 8% from this time last year. We will have to watch the housing numbers to see.
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Here is some of the critical housing data to watch to know where it is going: the active listings (inventory) and DOM. We are just getting into the hot time of year for the housing market. The active listings usually start to increase this time of year. However, it continues to decrease. This is highlighted in blue below. This could be because of the high-interest rates. Homeowners may not want to move and pay that increased mortgage amount. We will need to watch this number in the coming months.
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The DOM starts typically to decrease this time of year. This does appear to be happening. It dropped from 49 to 37. This is highlighted in green below.
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Multiple offers are another area to watch. With low inventory, multiple offers could start to increase. Of the homes currently pending in Citrus Heights, 62% have more than one offer. That number did improve from last month pending's at 49%. We will watch this as well moving forward.
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Of the homes that sold in February, 57% had more than one offer. In February, 48% had more than one offer.
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One sign of a declining housing market is the number of home sales. The total number of home sales has dropped across this whole area. In the last 6 months in Citrus Heights, 334 homes sold. Last year at this same time, 601 homes sold. Almost half of the total home sales from a year ago.
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This is the time to sell your home if you are considering it. This time of year, you will receive the best possible price. If inventory stays low, it will only help home sellers. But you will have to pay higher interest rates to purchase a new home. Something to think about.
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I do offer my clients a "Rejuvenation Program" to help with updates when you are ready to sell. This can help home sellers receive higher offers and for their homes to sell quickly. There are restrictions on the program. Please call for details.
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For more housing information, visit my blog at https://www.allcahomes.com/blog/
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December-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
80 |
$464,500 |
$0 |
49 |
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Pending |
42 |
$449,450 |
$0 |
26 |
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Sold |
50 |
$437,000 |
$441,500 |
18 |
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Sold 2021 |
79 |
$465,000 |
$472,500 |
7 |
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January-23 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
55 |
$489,990 |
$0 |
49 |
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Pending |
68 |
$431,000 |
$0 |
24 |
|
Sold |
31 |
$464,000 |
$460,000 |
26 |
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Sold 2022 |
79 |
$449,900 |
$475,000 |
7 |
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February-23 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
40 |
$544,000 |
$0 |
37 |
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Pending |
68 |
$461,995 |
$0 |
23 |
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Sold |
61 |
$439,900 |
$440,000 |
21 |
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Sold 2022 |
90 |
$459,900 |
$480,000 |
6 |