Just saw this news story: https://sacramento.cbslocal.com/video/5423455-citrus-heights-home-sells-in-1-weekend-with-122-offers/
If that isn't a sign of a hot (frothy?) market, I don't know what is. Now, a 122 offers (with the highest being over a $100k over asking!) certainly isn't typical. However, multiple offers and selling quick sure seems to be.
I recently attended a REIA meeting and the local real estate appraiser/expert (the same one interviewed for this news story) said the average days on market for homes in Sacramento and surrounding counties (Placer, Yolo, and El Dorado) is just SIX days (from listing to going pending). Crazy.
I'm a little outside of Sacramento, but my neighbor's house was just recently listed and it went in 3 days, also had numerous offers, and they ended up accepting one for $50k over asking.
Makes you wonder how long this can last.
I think this house was an anomily for sure, check the Sacramento Appraisal Blog he is always on top of the Sacramento RE market
The bids received is an outlier according to the stats that local appraiser Ryan Lundquist cited.
Personally, I foresee the greater Sacramento market to continue the red hot trend in the near future, simply because the demand is greater than the existing supply.
I haven’t looked at comparable sales, but asking was $399k, zestimate was $412k, and there was supposedly a cash offer over $500k.
It’s looks under-priced. Any time you do that on an area with low supply, you’ll get a ton of offers. There are a couple nearby for $460-$470k. Similar or slightly worse condition with smaller lots than this one that was listed at $400k.