Home Buyers Still Busy in Greater Sacramento
During the month of October, 2,620 resale homes went under contract across the Greater Sacramento Region. That figure reflected a 3 percent increase over September numbers and an 11 percent increase compared to October of 2015. Last month’s new pending sales also continued what is now an 8-month run of new open escrows above the 2,500 mark. By comparison, the prior 6-month period posted an average of 2,081 news sales per month. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
The number of active and available homes for sale however, dropped 9 percent since September and 10 percent compared to October of last year. This left market potential over the next few months in question with 1.7 months of inventory available market wide based upon the rapid rate of pending sales. Sacramento and Yolo counties have been exceptionally tight with inventory for months but now Placer and El Dorado counties have followed suit and remain at their lowest levels since May.
The $750,000 and above price point remained remarkably busy over the past 3 months; 360 properties were placed under contract as new pending sales and 343 were posted as sold and closed. These totals represented a 25 percent increase in both categories versus last year at this time. Inventory based upon the rate of new open sales is currently 5.5 months, the lowest since April.
The consistently scarce condominium segment was left with just 269 properties available for sale. This represents less than 1 month of inventory based upon the rate of pending sales. The average sales price was $211,000 compared to $180,000 in October of 2015, signifying even greater pain for entry level buyers. The average number of days on the market was 24.
“Anyone considering selling their home whether moving up, downsizing or changing locations should think about it right now,” says Pat Shea, president of Lyon Real Estate. “Buyers remain very eager to take advantage of the excellent values throughout the entire region. The average sales price has hovered around $395,000 for four straight months and interest rates remain in everyone’s favor. We can never be certain of what changes the New Year might bring.”
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.