SACRAMENTO AREA HOME SALES STRENGTHEN
Inventory down 20% from March of 2015
March closed home sale numbers posted a notable 32 percent increase when compared to February throughout the Greater Sacramento region. The jump in closed escrows logically followed two exceptional months of new pending sales, according to market information provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Momentum in the market continues to grow as new open escrows for the month were 25 percent higher than February numbers in spite of very tight inventory. The entire first quarter looked quite similar to that of 2015 as 5,357 closed sales and 7,089 pending sales were logged; both within 1 percent of last year at this time.
“Sparse inventory continues to hold weary buyers hostage as multiple offers are common once again in most price points,” says Pat Shea, president of Lyon Real Estate. At the end of last month, 3,367 homes were active and available for sale; 20 percent fewer than March 31st of 2015. Homes that closed escrow during the month were on the market an average of 43 days and netted 98 percent of their original list price.
The rate of sales and low inventory combination pushed the median sales price to $340,000 and the average sales price to $371,000 for the month of March. Both metrics were more than 7 percent higher than March of 2015 and reflect both upward price pressure and increased sales activity in higher price points.
Shea states that “it is clearly an amazing time for sellers to make their move with inventory in every price point historically low and their odds of selling historically high. The Federal Reserve continues to hold interest rates low so you can expect these trends to continue through the spring and summer home selling season.”
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