Heat Stays On In Resale Housing Market
The average sales price for Greater Sacramento hits $399,000 in May
Relentless buyer demand throughout the entire four-county Greater Sacramento region is maintaining a tight squeeze on the resale housing market. At the end of May, 4,258 homes were left active and available for sale. Even though this marked a 10 percent increase over April and the highest level since October, new open escrows jumped 13 percent, leaving a mere 1.3 months of housing stock at month-end. This market information was provided by TrendGraphix Inc., a Sacramento-based real estate reporting company, and reported by Lyon Real Estate.
Placer County, as is typical, saw the highest average list price at $723,000 and the highest average sold price at $486,000. There were 567 closed sales in Placer during the month of May. Nearly 20 percent of the available listings were in the luxury price point of $900,000 and above, yet only 5 percent of the closed sales occurred in that price range.
Sacramento County logged 1,545 closed sales with the lowest average sales price for the region at $346,000. This more favorable price point was met with the highest buyer demand, leaving the county with the lowest inventory level of 1.1 months.
El Dorado and Yolo Counties experienced $486,000 and $482,000 average sales prices, respectively. El Dorado County closed 251 properties and had the highest remaining inventory at 2.5 months based upon the current rate of pending sales. Yolo County logged 169 closed sales for the month and had 264 homes available for sale, or 1.4 months of housing inventory, at month-end.
“The average sales price for the entire four-county region has increased month-after-month since January and reached $399,000 during May,” says Pat Shea, president of Lyon Real Estate. “That’s already an 11 percent increase year-to-date, but that momentum will taper off later in the year. Summer is always the perfect time for sellers to get their highest and best offer and 2016 will be no exception.”
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 Inc.’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