Ukiah Real Estate Update: The Curious Case of the $600,000+ Price Range

Today, let's delve into a fascinating trend in the Ukiah real estate market – the slowdown in the $600,000 and above price range.

The Stats Speak Volumes:

• Zero Sales: In May 2024, not a single home sold between $600,000 and $900,000. April saw a meager 5 sales, and the first quarter mirrored this trend.
• Inventory Pile-Up: Homes in this price range are lingering on the market. As of May 2024, there were a staggering 25 listings compared to April's 23.

What This Means for Sellers:

• Strategic Pricing is Key: In this market, competitive pricing and exceptional presentation are crucial to attract buyers. Partnering with a skilled agent who can create a buzz around your property is essential.
• Be Prepared to Negotiate: With lower buyer competition due to rising interest rates and living costs, there's room for negotiation, especially for properties that have been on the market for a while.

A Glimpse into the Data:

• Sales vs. Listings: May 2024 saw only 6 homes go under contract, compared to April's 1.
• Price per Square Foot: Expect a range of $250 to $300 due to the likely larger square footage of these homes.
• Days on Market: The average days on the market have dropped significantly, from 255 in May 2023 to 76 in April 2024.
• Sold vs. List Price: Buyers hold more leverage. In April 2024, the average sold vs. list price was 98%, meaning a $600,000 listing could sell for $588,000.

Understanding Market Trends:

For your reference, a healthy seller's market typically has 0-3 months of inventory. Currently, this price range sits at a whopping 25 months of inventory, indicating a buyer's market.

Stay Informed and Empowered:

• Subscribe to my YouTube channel for more market stats videos.
• Download my free guide (link below) to learn how to prep your property for sale.

Let's Get You Moving!

I can help you navigate the market with unique strategies and valuable tips if you're considering selling your home in this price range. Contact me today for a consultation!

See you next time!

Links:

• Kasie Gray YouTube Channel: https://www.youtube.com/@kasie.realtor
• Ukiah Market Updates: www.kasie.realtor/snapshot 
• Thinking of Selling? www.kasie.realtor/sell
• Free Home Valuation: www.kasie.realtor/evaluation