Inventory is still very low here in the Tracy market, which is great news if you’ve been planning on selling your house. As a market, we’re averaging about 81 sales a month, and there are about 119 homes on the market. These numbers indicate a tight market that’s good for sellers. Even though conditions favor sellers, you still have to price your house right.
It’s absolutely a seller’s market, indicated by the fact that we have just 1.46 months of supply. That means if no new homes came on the market, we would sell out of the currently available homes in about a month and a half. When inventory is anywhere under four months, it’s considered a seller’s market, and as you get closer to zero, it becomes an even stronger seller’s market. Between four and eight months of inventory signifies a normal market, and eight months and higher would indicate a buyer’s market.
You have to consider these stats when writing an offer on a home. Due to current conditions in the Tracy market, selling your home now would likely mean you would receive multiple offers for your home and even some over list price—if you hire the right real estate team and price it correctly.
If you’d like to know any market information about your specific area or an area you’re interested in, or you have any questions about real estate, you can always give us a call or send us an email. We’re here to help!