FOX40’s Nikki Laurenzo talks to Ryan Lundquist, a Sacramento real estate market analyst, and local realtor Tim Collom about the housing market.
“The inventory is very low in general, and I think that people feel that there’s a sense of urgency to buy because this opportunity will not come about,” Collom said.
“The Sacramento region really feels like an auction where we have this environment where buyers are going to the table and it just feels like this bidding war,” Lundquist said.
A newly released report from the California Association of Realtors shows the average price of homes in California rose to $813,980 and were only on the market for an average of seven days before being sold.
Homes in the Central Valley were on the market for an average of six days before being sold, and in Sacramento, single-family homes had a median price of $490,000.
Of those homes sold in April, more than 70% of Sacramento homes were sold above the asking price.