College-Glen Quarterly Real Estate Update - Q1 2019
Now that the First Quarter of 2019 is finished, here’s a look back at Q1 and comparing it to last quarter and a year ago. This is only for College-Glen (College Greens & Glenbrook) single family homes.
The first quarter was a market described as “Slow” for College-Glen (& all of Sacramento). 2018 finished with a sluggish feel to the market and 2019 began that way as well. The properties that closed escrow in Q1 are a biproduct of that slower market. Inventory rose and buyer demand tapered off. That created a much more balanced market in the neighborhood compared to the past few years of a major sellers market and buyers fighting like crazy with each other to get an offer accepted. There were more price reductions and listings sitting longer than in the past. That also lead to more negotiating power for buyers before and during escrow. By no means has the market completely shifted to favor buyers but there had reached a more balanced point. But the market began to quickly pick up momentum by the end of Q1. Although it is very price sensitive, the market shifted back to slightly favoring sellers a bit by Q2. If it’s priced right, shows well and has great marketing, then it’s selling quickly and with a few offers but the sensitivity of the market is very real. If it’s listed a little too high, the house will sit on the market with very little activity. That is the current state of the market.