Sacramento area home gets 122 offers and sells in 1 weekend

[Kyle J.]

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.