HOME SALES AND PRICES STILL RISING ACROSS GREATER SACRAMENTO
Available inventory up nearly 50% since March 1st
At the end of June, 4,715 homes were active and available for sale throughout the Greater Sacramento region. This marked nearly a 50 percent increase since March 1st and provided some hope for buyers dealing with multiple offer competition in most price points since the beginning of the year. This market information was provided by TrendGraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Even though 2nd quarter closed sales were within 2 percent of the number logged during the same period in 2015, new open escrows were up 8 percent. This suggests that persistent buyer momentum will continue throughout the summer. Robust sales in the upper-end also pushed the region’s average closed sales price to $408,000 for the month of June, the highest since September of 2007.
El Dorado and Placer Counties enjoyed $499,000 and $482,000 average sales prices respectively for the month of June. El Dorado County closed 783 properties for the quarter and finished with the highest remaining inventory at 2.7 months based upon the current rate of pending sales. Placer County posted 23 percent of the region’s 7,921 closed sales for the quarter and ended with 1.9 months of remaining inventory. Yolo County logged 501 closed sales for the quarter, and held 1.4 months of inventory at month-end while maintaining a $476,000 average sales price for June.
The largest region, Sacramento County, logged 60 percent of the sales for the 2nd quarter and posted the lowest average sales price of $358,000 in June. This more favorable price point was met with the highest buyer demand, leaving the county with the lowest inventory level of 1.2 months.
“The average sales price for the entire four-county region rose 8 percent during the 2nd quarter,” says Pat Shea, president of Lyon Real Estate. “Realtor.com recently ranked the Sacramento region as #8 among the top 20 hottest real estate markets in the country. Interest rates, employment figures, and comparative affordability are keeping Sacramento a great place to buy or move-up 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.