August Market Update | Ukiah, CA

I'm sorry that I have to be the one to tell you this news about the housing market. It's dying! I'm just kidding it's not dying. It's not going anywhere, baby!

You are going to listen to the rest of this video because I'm about to get started right now and I'm going to talk to you about the recent housing statistics in Ukiah California. So, don't go anywhere please I'm begging you I really need you to watch this.

Hi, my name is Kasie Gray, I'm a local realtor broker associate in Ukiah California and I love helping sellers buy their dream homes. So without further Ado, we're going to get into the Ukiah market update. In this video, I'm going to be comparing August to July and August 2022 to August 2021.

In this video, we're going to see the trends that are happening in the past few months and how they relate to you and your buying or selling journey, and let's get into it! You're going to want to wait till the end to find out if it's a seller's market or a buyer's market because I promise you, you're not expecting the answer.

So in August of 2022, there were 51 homes for sale. So active on the market in July of 2022 there were 62 homes. So about 10 homes fewer or sold and in 2021 there were only 41 homes on the market. About the attendant home difference but the interesting part is the amount of sold. In August of 2022 13 homes sold and the same number in July of 2022 but in August of 2021 17 homes sold. There was a lot less inventory more home selling and we're gonna get to days on the market shortly but you'll be surprised to hear those numbers as well.

The average price per square foot for a home sold in August was 312. In July it was 305 dollars a square foot and in August of 21, it was 345 dollars a square foot. So about thirty dollars down from the year before as far as days on the market goes August 22 the days on the market were 55. And that's the average in July it was 66 so it did go down a bit from the month before but the year before it was 52. So, August is pretty standard around 50 days but it's also interesting to just keep an eye on that number I have this crazy belief that that number is going to continue to go up. So, we'll keep on an eye on it in the future.

Next up we have the average active price so which is the price that is average for the active home that's on the market this number can mean a lot of things and like I mentioned in past videos for Ukiah specifically. It's a smaller market so one higher price listing can kind of sway the average quite a bit but we've got a pretty consistent number happening. In August 2022, the average active price was 6.99 on July 22 it was 640,000 and on August 21, it was 626,000. It has gone up a bit from the year and month before but the average sold price is what really kind of determines where we are at actually as you all know because you're so affluent in real estate sales that the active price doesn't mean a whole lot.

So, about the sold price in August we had an average sold price of 520,000. In July we have an average sold price of 636 000 and then in 21, we had an average sold price of 598,000. So we are down pretty substantially from the year before the month before about a hundred thousand dollars and like I said it could be just a sale of one nine hundred thousand dollar house that made that happen and in 21 we're down about seventy thousand dollars. So, it does seem like prices are moving in a lower trend to kind of offset higher interest rates which is predictable.

As a listing agent, you know things I'm going to recommend to my sellers is to put your best price forward out the gate otherwise you're going to continue to chase this Market. You know, seven percent interest rates aren't doing great for six hundred thousand dollar home price. When in your years past that home has sold for maybe 200,000 with a seven percent interest rate. So the housing market is going to have to adjust to you know take the hit of those interest rates because a buyer's buying power is only as good as what the interest rate is.

Unfortunately, if you're a seller you know we're gonna have to take a look at that when it comes to pricing out your house but if you're looking to make a move into a bigger house, now's the time to do it. It's better to sell for less and buy for less than buy at the height and then not have anywhere to live or buy or to sell at the height and then not have anywhere to live and even buy at the height or not be able to afford it. So, there are a lot of options out there as far as financing goes either, assuming people's loans, getting creative with a buy down, and credit and such other things. So if you have an interest in selling your home and just want to see what it looks like for you don't hesitate to reach out and we can help you with it there.

When it comes to months of inventory, if you haven't watched my videos before, this is where we get into if it's a seller's market or a buyer's market. This is determined by the months of inventory. So how we get this number is the number of active homes versus the number of houses that have sold, If no new houses came on and they continued to sell at the rate that they have been how many months would it take for the homes to sell and that's how many months of inventory we have left. So in years past you know two-three years it has been significantly under four months of inventory. We've been down to half a month of inventory but I haven't seen a number above four in a while.

July of 2022 was at 4.8 months of inventory and so what this means is it's a pretty neutral Market when we are in zero to four months of inventory. We are in a seller's market when we are in four to six we're in you know neutral Market. It's not a bad move to sell but it's not a bad move to buy when we're in six-plus months of inventory that's where when a deep buyer's market and that you know is when prices are really low. We're seeing more foreclosures, we're seeing more short sales, and we haven't been in one of those in quite a while. In August we're at 3.9 which is pretty much basically a neutral market and in 2021 of August we're at 2.4. So we've definitely got a bit more inventory a bit fewer sales and we're getting to that neutral ground where it's a smart move to find that bigger property with a bigger house and still be able to get enough equity out of your home that you can sell it and buy something new and bigger and shinier or even downsized and be able to find something that's not insanely priced just because of the way that the Market's going.