Year End 2023
The Sacramento Real Estate Market ended the year with 1798 closed sales in December. This is a decrease from the previous month of 8.6%; and 20% from a year ago. The market # of sold properties is currently trending downward; however, pending sales presently show that this trend may end as we enter into the new year. The number of homes entering the market increased in the late summer, but is presently trending downward as well.
What is important to buyer's and seller's? Price and payment. The market average sold price increased in 2023 by 8%. However, the market average price in this area is presently trending downward as we go into 2024. Interest rates declined a quarter point the Friday before the year ended. Many believe that the rates will trend downward as we approach the 2024 election time. This may help in stabilizing any downward price trends.
Rental Rates are trending downward; demand is slowing and the number of rentals available is increasing slightly. Properties are still renting out; only the quality of the tenant pool is diminishing. To get the same rents as in the summer of 2023, may require a little bit more time on the market; or rental rate reductions to find desirable tenants. Furthermore, existing tenants that work in the financial, insurance, real estate, and escrow may begin to struggle in making their rent payments. In the properties I manager, I am presently seeing this trend.
Realty Plus is a full-service real estate company. It is a small company with two brokers Michael Gesner and Naeem Syed. We look forward to working with you!