By Beth Moran–
Housing prices in Citrus Heights are off to the race as indicated by the average price of homes listed since Jan. 1, 2022.
As of Jan. 17, there were 33 new listings that appeared on the market in Citrus Heights, with only one re-listed from last year. That particular home at 7828 Old Auburn Rd., with a 4.76-acre lot is an outlier given the typical lot size for sale in our area.
Take that one property out of the average and we see that home prices in Citrus Heights have risen from $438,394 on average, for the last quarter of 2021, to $465,111 for new homes listed within the first 17 days of January.
Essentially, that’s the first full two weeks of the year showing a 6% price increase over last quarter giving us a sneak peek at what’s to come. Just to put the period at the end of 2021, the stats in Citrus Heights show 1,222 homes sold, which was up by 78 residential homes sold from the previous year.
Real estate has high and low seasons, with the spring market traditionally beginning in late March to mid-April, to coincide with the school spring break. The last few years have changed a bit with new listings popping up just after the new year, and this year is no exception.
Already we’ve seen 10% of the newly listed homes for sale show pending status within a day — sometimes hours — of the home going up for sale.
As I write this, there are 43 homes pending sale currently. Of those 43 pending sales, only 11 homes were listed for longer than two weeks. That’s the time it takes in an average market to indicate that a home is overpriced.
Additionally, five of the homes dropped in price, one increased their price and the other five negotiated from the original list price. This shows me that the sellers are willing to be patient and not panic if they don’t get an offer within the first week, because sometimes buyers walk away from a purchase (yes, even in this market) and the property has to go back on the market.
So, of those 43 homes, about 25% of the homes took an average of 20 days to sell. However, the real news is that if a home is priced correctly, the average days on market is reduced to five, so you can list your home on Thursday and expect to accept an offer by Monday.
One other notable piece of information I want to share is from an economist I follow who shares a love of statistics. Dr. Elliot Eisenberg states that millennials are just getting started in the housing market, and the demand for home/office (due to COVID) coupled with anti-development (especially in California), plus the supply-chain issues, all lead to what he calls a “dwelling deficit.”
As always, until supply meets demand we will continue to see rising prices — and as the first two weeks of this year have indicated, it appears we’re in for another crazy ride.
If you’re thinking of selling feel free to email me for a free market analysis to find out the most current value of your home.
Beth Moran is a local broker who has been selling real estate since 1999. Contact her at Beth@sacagent.com or (916) 947-3993
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