Citrus Heights Housing Market Data for June 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 119 to 101. That means 18 condos and townhomes sold that are not in the current numbers.
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Of the homes that sold, 110 sold while 86 homes and duplexes sold. That means that 24 condos and townhomes sold. Notice the increase in condo sales as the interest rates increase. With homebuyers being priced out of the housing market. The lower-priced homes and condo’s 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. Citrus Heights housing prices are up 👆 16%. This is comparing May sales this year to May last year.
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For the last few months, the Citrus Heights housing market has been flat.
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With the housing market changing the first signs will be in the DOM and Multiple offers. The multiple offers will first show up in the homes currently pending. The DOM will start to increase. This is because there are not as many home buyers. Now the home buyers that are still shopping have choices. The Multiple offers will start to drop which will affect the housing prices.
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In the DOM in red, it has increased each month. This first sign of a changing housing market.
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Now let’s look at the multiple offers. The homes that had more than one offer in April were 66%. The home currently pending is 51%. So this is a 👇 drop.
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Of the homes that sold in May, 73% had more than one offer. 84% of the homes that sold in April had more than one offer. Last year in May 70% of the homes that sold had more than one offer.
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Something a little alarming is that the homeowners continue to increase the price of their homes when listing. This is highlighted in blue below. Notice the increase each month. The concerning thing here. The housing market is changing. Yet the homeowners continue to price their homes higher.
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This can cost the homeowner at closing. The best strategy in this type of housing market. Price your home at or below the homes with your square footage and bedrooms. This way you will be seen by all homebuyers. You don’t price your home high! NOT small homes or condos!!! You are still on FIRE 🔥 !!!
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If you are a home seller or buyer. There is a very important strategy in each of the housing market situations. This is very important and can save you thousands of dollars.
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If you are thinking about selling, right now is the time. If you want top dollar! Here is a helpful list of do’s and don’t when selling a home.
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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 |
49 |
$489,000 |
$0 |
4 |
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Pending |
129 |
$499,900 |
$0 |
7 |
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Sold |
116 |
$495,000 |
$519,500 |
5 |
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Sold 2021 |
94 |
$399,975 |
$425,000 |
6 |
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April-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
92 |
$519,450 |
$0 |
9 |
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Pending |
128 |
$488,495 |
$0 |
8 |
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Sold |
103 |
$479,900 |
$500,000 |
6 |
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Sold 2021 |
109 |
$419,000 |
$439,000 |
5 |
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May-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active 80 |
66 |
$530,500 |
$0 |
14 |
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Pending 119 |
101 |
$509,900 |
$0 |
11 |
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Sold 110 |
86 |
$499,900 |
$517,450 |
6 |
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Sold 2021 130 |
114 |
$429,944 |
$447,000 |
6 |
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There are more lower-priced homes in Citrus Heights. Some numbers will look different for this reason.
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The active listings (inventory) will be the first to see a change in the housing market conditions. Highlighted in the blue notice is the difference from April to May. Compare the original price to the list price in both months.
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The number that stands out is the difference from the original price to the list price. This means that several home sellers have had to drop their prices to sell their homes. A huge sign of a changing market.
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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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April-22 |
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# Listings |
Orig Price |
List Price |
Sale Price |
DOM |
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Active |
92 |
$543,333 |
$542,584 |
$0 |
18 |
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Pending |
128 |
$476,086 |
$475,217 |
$0 |
21 |
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Sold |
103 |
$485,961 |
$485,864 |
$506,858 |
10 |
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Sold 2021 |
109 |
$438,060 |
$431,359 |
$451,190 |
9 |
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May-22 |
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# Listings |
Orig Price |
List Price |
Sale Price |
DOM |
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Active |
66 |
$568,740 |
$562,971 |
$0 |
26 |
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Pending |
101 |
$529,117 |
$527,382 |
$0 |
22 |
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Sold |
86 |
$500,698 |
$498,862 |
$521,513 |
9 |
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Sold 2021 |
114 |
$437,257 |
$440,009 |
$457,151 |
9 |
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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. Looking at these numbers in a housing market changes is not as important. It covers too many months of housing data. This means the changes will not show up as clear.
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Citrus Heights housing prices are up 👆 18% when comparing this data.
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Citrus Heights |
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Home Sales last 6 months |
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# of Sales |
Median List Price |
Median Sale Price |
DOM |
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Apr-21 |
548 |
$399,000 |
$415,000 |
6 |
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Apr-22 |
590 |
$464,900 |
$479,950 |
6 |
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May-21 |
488 |
$420,000 |
$434,000 |
6 |
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May-22 |
502 |
$489,000 |
$510,000 |
6 |