Resale Housing Shortage in Greater Sacramento
A record low 2,804 homes were left active and available for sale throughout the Greater Sacramento Region on December 31st as buyers remained very busy through the holiday season. The year-end inventory figure reflected 13 percent fewer properties available compared to this time last year and a 44 percent drop since July. It also marked the lowest resale inventory level in over 20 years outside of the distressed era when foreclosures, short sales and flippers were the norm.
Buyers showed their enthusiasm throughout the region at year end, as positive local economic news continued around the job market and affordability in spite of a small bump in mortgage interest rates. Closed escrows in the 4th quarter finished 4 percent higher than an already strong 4th quarter of 2015. New open escrows were 5 percent above last year for the quarter but more importantly, 18 percent higher in December versus last year. Realtor.com, Zillow and other national forecasters have labeled Greater Sacramento as one of the hottest housing markets in the nation heading into 2017. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
Regardless of the high volume of sales, the average sales price for the region has stabilized and averaged $394,000 for the past 6 months compared to $364,000 last year over the same time frame. This represents an approximate 9 percent increase compared to this time last year and demonstrates that all price points remain consistently active in the market.
Sacramento County continued to see the most activity, with 63 percent of the region’s sales in December and 53 percent of the remaining inventory. Placer County followed as typical, with 21 percent of the sales and 25 percent of the residual inventory. El Dorado and Yolo Counties trailed with 10 percent and 6 percent respectively of December sales as well as 15 percent and 7 percent of the remaining homes for sale. The average sales prices by county were: Sacramento $344,000, Placer $479,000, El Dorado $464,000 and Yolo $448,000.
“No seller should delay if they want to get their best offer into contract in the near future,” says Pat Shea, president of Lyon Real Estate. “Their competition is low and buyers are very eager to get a piece of the New California Dream – an excellent home value in Greater Sacramento.”
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 250 brokerages in 48 states. For more information about TrendGraphix, visit www.trendgraphix.com.