Heated Home Sales Persist in Sacramento
New open escrows for September are 26% higher than last year
Home sale metrics throughout Greater Sacramento continue to outpace previously impressive 2014 numbers with no signs of retreat in sight. This market information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Available inventory for the third quarter of 2015 was a notable 11 percent lower than last year at this time while sold and closed escrows increased by more than 11 percent. New open escrows or pending sales were up 17 percent for the quarter and imply that our 4th quarter closings will likely be much higher than those posted in 2014.
September numbers alone suggest the market momentum is real and sustainable: 5,214 homes are currently available for sale in the region, which marks a 4 percent drop from August and a 15 percent decrease from this time last year. New open escrows reported for September however, are an astounding 26 percent higher than last year’s sales figures.
“Our resale market has really evolved into a state of equilibrium,” says Pat Shea, president of Lyon Real Estate. “We have hovered at 2 months of inventory over the past 4 to 5 months with just enough homes entering the market to meet buyer demand.”
Market stability is also reflected in the median price as it has remained in the $325,000 to $330,000 range for the past 6 months. The median sales price for September was posted at $326,000, approximately 6 percent higher than this time last year.
All price points are still very active, indicating that there continues to be a great deal of move-up activity throughout the region,” says Shea. “Current statistics support the fact that any well-priced home in market-ready condition will sell in approximately 41 days and receive an average of 97 percent of original asking price. Mortgage interest rates quite remarkably remain in favor of both buyers and sellers. The best time to make a move is clear: right now.”
About TrendGraphix, Inc.
TrendGraphix, Inc. is a real estate reporting company based in Sacramento that uses local Multiple Listing Service (MLS) data to provide highly-visual market statistical graphs to real estate brokers, agents, and MLS/Realtor associations across the country. TrendGraphix’s programs are currently used by tens of thousands of agents in more than 100 brokerages in 18 states. For more information about TrendGraphix, visit www.trendgraphix.com