Like many home markets across the US, Roseville has been very active. The shortage of inventory continues, with only a 1.2 month supply. Home Buyers face challenges in not only finding perfect home but winning out over multiple offers, in most cases.
The following graph shows the sales activity for Roseville over the last 12 months. The chart provides a comparison of homes available for sale, homes sold and pending sales.
The following chart shows how many months of inventory and the median price of closed sales, over the last 14 months. Although months of inventory has fluctuated based on expected seasonal demand, the median price of closed sales has steadily increased over the same period.
The National Association of Realtors states a balanced market has 6 months of inventory. Currently, the National average is 3 months of inventory. Roseville has been significantly below the national average for quite some time.
For Sellers, this is double edge sword. Although the chances of selling an existing home are fairly high, the market for finding a new home is very competitive.
For Buyers, with market competition high, it is imperative that Buyers get pre-qualified before looking at homes. Failing to do so will increase the frustration level of everyone concerned and elongate the process of buying a home. Buyers need to make their offers stand-out from the competition. Having financing pre-arranged is an excellent way to show the Seller the Buyer is serious.
Both Sellers and Buyers need to be ready in today’s market. Sellers need to make sure the home shows well to maximize the price received for the home. Buyers, on the other hand, should be organized and have talked with a loan professional before searching for homes.