Endless Summer for Greater Sacramento Real Estate
Buyers continue to apply unyielding pressure on the resale housing market across the entire Greater Sacramento region. New open escrows for the month of August totaled 3,064, 19 percent higher than August of 2015. That open escrow number also represented the highest number in any given month since April of 2012, when the median price was $195,000 and institutional investors were prolific in the market. The median price for all closed escrows during the month of August came in at $359,000, slightly down from the recent peak of $367,000 reached in June.
Voracious buyer demand and our persistently low level of inventory left the region once again with a remarkably scarce, 1.8 months of inventory at month-end. Sold and closed escrows totaled 2,726 during August which was second only to June for most closed sales over the past 12 months. This market information was reported by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
As is typical, Placer County saw the highest average list price at $699,000 and the highest average sold price at $474,000. There were 558 closed sales in Placer during the month of August. El Dorado and Yolo Counties experienced $466,000 and $462,000 average sales prices respectively. El Dorado County closed 272 properties and had the highest remaining inventory at 2.9 months based upon the current rate of closed sales. Yolo County logged 192 closed sales for the month and was left with 1.4 months of inventory at month-end.
Sacramento County posted 1,704 closed sales with the lowest average sales price for the region at $356,000. The higher number of more affordable homes was met with the highest buyer demand leaving the county yet again with a sparse inventory level of 1.6 months.
“The number of quality, new listings coming to market just cannot keep up with the steady stream of buyers eager to purchase a home somewhere in Greater Sacramento,” says Pat Shea, president of Lyon Real Estate. “It’s even tighter than most people realize, since 95 percent of our sales are currently below $750,000 with only 83 percent of our inventory in that space. Homes that are priced, positioned and marketed well will continue to sell in short order.”
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 200 brokerages in 40 states. For more information about TrendGraphix, visit www.trendgraphix.com.