February 2024 Local Real Estate Market update
Late February has arrived, and we’ve been comparing the market dynamics from December 2023 to January 2024. One unexpected trend was the significant increase in listings since the start of January. Traditionally, the real estate market doesn’t pick up until the spring months, but this year is defying the norm. Interestingly, interest rates have been fluctuating, having decreased and then increased again, affecting market activities.
In our primary focus areas within the tri-county region — El Dorado, Sacramento, and Placer counties — listings and pending sales have dramatically increased in January. This surge is an interesting development, as it puts more pressure on the already tight inventory. The transition from a 2.2-month inventory to just 1.5 months highlights an intensifying market as we approach the spring season.
Although we saw a decrease in actual closings from December to January, which aligns with the expected seasonal slowdown, it’s noteworthy that three counties in our wider 13-county Metro list area saw an increase in sales. However, our primary focus remains on El Dorado, Sacramento, and Placer counties, where the market dynamics are particularly intriguing.
Pendings across all 13 counties have significantly increased, indicating a robust market. In El Dorado County alone, pendings were up by 42%, with 160 pendings in January. Sacramento saw a 27% increase, with 884 pendings, and Placer County experienced a whopping 46% rise, with 386 pendings. This spike in pendings suggests an active market, with inventory levels slightly declining despite the influx of new listings.
This early activity foretells a bustling spring market, making it an opportune time for buying, selling, or investing in real estate. We encourage anyone considering a move in the real estate market to reach out to us for personalized advice and insights specific to your area of interest.
And if you’re contemplating whether now is the right time to buy, stay tuned for our next video, where we’ll dive into why delaying might not be in your best interest.
Thank you for joining us for this market update. We’re excited to see how these trends evolve and look forward to assisting you with your real estate needs. See you soon, and take care!
— Maic and Renee Friedrich
