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This week's article of the week is pretty appropriate this Fall. Although I've been saying it for awhile now to buyers that know for sure they want to buy and afford to do so.
The avg. days on market is now around 42, which before 2020 is actually pretty normal. Most sellers weren't selling before 2020, so 42 days can feel like a lot, for agents as well. Despite inventory still being below normal levels, the days on market can give a feeling of anxiousness. This can allow for great deals to be found in those homes with really high days on market.
I added a new number to track in the "Market Update" graphic below, absorption rate. Currently in Sacramento County, 46% of homes are selling monthly. This tells us we are still in a seller's market. When absorption rate is displayed as a percentage, the higher the number, the stronger the sellers market. A lower number would be a buyers market. Absorption rate can also be calculated to show how quickly homes are selling in a given market by the number of months it takes on average. More months equals better for buyers, less months is better for sellers. This indicator can be a very strong tool for both sellers and buyers especially when pricing or writing offers in specific areas or neighborhoods.
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