As real estate professionals, it’s our job to understand the numbers. As the spring season begins to take shape, we are committed to keeping you up-to-date on important trends in our market. Each month in our Market Update, we’ll take a deeper dive into select reports to show how these numbers affect you and your loved ones.

These graphics reflect numbers for December 2023, which is the most recent real estate market statistics released by Sierra Nevada REALTORS®.

Each month, we’ll select a few reports to highlight that we feel are pertinent and relevant to our clients. First, let’s take a look at Median Days to Contract. Notice how it has decreased significantly when compared to the same week in 2023 and the prior week. This is indicative of a market that is experiencing an inventory shortage.

Next, let’s take a look at our Months Supply of Inventory. As you can see, home inventory is shrinking––2.2 months––down 32.5% from the same period in 2023. It’s also down slightly from the previous month.

Percentage of List Price Received is an indicator of demand and how much buyers are willing to pay for homes in a given market. It represents the average of the sales price divided by the final list price and is expressed as a percentage.

In other words, how much of the list price are sellers receiving in our current market? Sellers are getting, on average, 98.6% of their list price, which is outstanding, and it is on the up-swing, both from a year ago and from the previous month.

What does all of this data mean?
Our market is showing many signs of strength––rising median home prices, shortened days on market and months of inventory, and a very high list-to-sales price ratio that is also on the rise. 

In short, the market is improving for sellers in multiple ways. It is an excellent time to sell.

For buyers, rates continue their downward trend, which is good news (remember, “marry the house but date the rate”). The biggest challenge for buyers currently is the limited number of homes available. But with home prices increasing, the time to buy is now.

Have questions about how our local market affects your particular situation? Reach out to us today––we’re happy to share our wisdom, and we’d be honored to serve you.