The number of homes entering the market in Roseville peaked in 2006 and has waivered to some degree over the years, but seems to have stayed consistent. Numbers have been trending up since Fall 2011.
Home Sales & Housing Inventory
The number of homes for sale in Roseville (Housing Inventory) increased pretty quickly from 2005 to 2007 and has had a bit of a roller coaster effect. However, Inventory was manipulated by the Homebuyer Tax Credit for a period of time, but resumed it’s natural decent since then and very quickly since the start of 2011.
If Housing Inventory continues to fall this may result in fewer Home Sales, which isn’t necessarily a bad thing since fewer homes for sale will push Home Prices up.
Pending Home Sales and Closed Home Sales follow each other pretty closely in most cases. Closed Sales are usually a month or two behind Pending Home Sales due to the difference from date of acceptance and date of closing. Home Sales have been rising steadily since mid 2011 and still appear to be rising.
Homes for Sale
Days on the Market
The number of Days on the Market for Homes in Roseville reached a peak in 2011 and has started to fall quickly soon after.
Our next chart clues us in to what Market Conditions are in Roseville and who it favors.
- Buyer’s Market = More than 7 Months of Inventory
- Balanced Market = 5 – 7 Months of Inventory
- Seller’s Market = Less than 5 Months of Inventory
The Absorption Rate is trending down at 4.8 Months of Inventory, which is considered a Seller’s Market.
Expectations indicate this trend line is going to continue to decline and the market will get stronger for Sellers.
Median List Price and Median Sale Price typically follow similar patterns, so there isn’t much that it can tell us other than how close to List Price homes are selling for. Currently Homeowners are getting about 90% of their List Price.
So far the Median Sale Price in Roseville has depreciated 7% since 2002, 26% since 2006 and appreciated 14% since 2011.
With fewer Homes for Sale in Roseville the Median Sale Price should continue to increase as Housing Inventory becomes a premium.