Open Escrows Jump 39 Percent in January
Monthly Market Update
New pending sales jumped 39 percent in January when compared to December of 2013 in the greater Sacramento resale housing market according to data provided by TrendGraphix and reported by Lyon Real Estate.
The 2,106 posted contracts were a mere 7 percent below those logged in the red hot January market of last year. Even though resale inventory is 60 percent higher than one year ago, months of inventory based upon the current rate of pending sales retreated back to 1.9.
The move-up market, considered by many experts to be from $350,000 to $750,000 range, exhibited exceptional momentum as well by posting a 55 percent increase in sales over December numbers and 33 percent more than the same quarter one year ago.
Upper-end sales, specifically $750,000 and above, have averaged a notable 43 sales over the past three months. That pace is extraordinary for the winter period and demonstrates a 38 percent improvement of the three months ending January 2013.
“The resale market is enjoying a period of sensible stability,” said President and Chief Operating Officer Pat Shea of Lyon Real Estate. “First time and move-up buyers continue to capitalize on extremely favorable financing opportunities as key economic dials move slowly and rates remain low. They now enjoy a golden opportunity with a greater number and variety of potential homes to choose from.”