Housing Inventory Tumbles in Greater Sacramento
The number of active and available homes for sale throughout Greater Sacramento declined a hefty 18 percent since October and currently stands 11 percent below last year at this time. Market demand, measured by the rate of new pending sales, reflected a mere 1.6 months of remaining home supply on December 1st. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
A total of 2,242 resale homes went under contract as pending sales, while 2,160 were posted as sold and closed across the entire region for the month of November. Both sales categories reflect single digit decreases when compared to October figures but also exhibit a normal seasonal adjustment in buyer activity. More notable however, is that sold units were up 14 percent and new pending sales 12 percent when compared to November of 2015.
The average home sales price of $394,000 and median sales price of $356,000 for the region in November both reflect an eight percent increase compared to this time last year. A current level of price stability is evident though, as the average sales price has toggled steadily between $393,000 and $397,000 over the previous five months.
The move-up and upper-end markets remained exceptionally active over the past three months. Specifically, the $400,000 to $750,000 price range enjoyed a 30 percent increase in closed sales and a 25 percent increase in pending sales versus last year at this time. For homes priced greater than $750,000, there was a 22 percent increase in closed units and a 44 percent increase in new open sales over the same period.
“There is no doubt that Greater Sacramento remains one of the hottest housing markets in the country,” says Pat Shea, president of Lyon Real Estate. “Buyer demand and the rapid rate of sales show no indication that a cooling is anywhere in sight. The anticipated bump in mortgage rates may be fanning the 4th quarter flames, but rest assured that our housing market heat will remain on high for 2017.”
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.