Business as Usual in Sacramento Real Estate
New pending sales jump 36% over December
The Greater Sacramento real estate market went right back to business in the month of January as new pending sales jumped 36 percent after taking a December holiday. The 2,088 new escrows also marked a 5 percent increase over January of 2015, indicating that another busy, spring selling season is on the way.
Last month, 2,373 new listings hit the market in the four county area. The high level of buyer demand however, combined with two previous months of extremely low listing activity kept the inventory at its lowest level since May of 2013. This market information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Even with a slight hike in the Federal Reserve’s benchmark interest rate, mortgage rates remained below 4 percent and very close to last year at this time. “Buyers just cannot resist the favorable position that excellent home values and fabulous interest rates are providing throughout our entire market area,” says Pat Shea, president of Lyon Real Estate.
Closed units took it on the chin in January by posting a mere 1,470, the lowest number in over a year. Shea states that “this is due to two consecutive months of drop-off in new pending sales during the holiday season, and still represented a 5 percent increase over December 2014.”
Sacramento, Placer and Yolo Counties all ended January with less than two months of available inventory based upon the rate of sales. El Dorado County was left with 2.9 months, still a strong sellers position by historical standards. The region’s median price dipped to $324,000 and has not fluctuated more than $4 over the past six months.
“The best time to list your home is when the inventory is this low,” said Shea. “You still want to price it reasonably and present it in excellent showing condition in order to attract your highest and best offer. The consistent stability in our median price combined with a certain influx of new inventory as spring draws near will keep the market very competitive in 2016.”
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