Greater Sacramento Home Sales Remain Solid
During the month of March, 2,064 homes closed escrow throughout the Greater Sacramento region. This marked a notable 32 percent increase when compared to February and signaled a spring surge is under way. Closed sales however, still fell 10 percent short of March, 2016 according to market information provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Momentum in the market continued to grow as 2,887 new open escrows for the month were a staggering 49 percent higher than February numbers and 13 percent higher than March of last year. The entire first quarter actually looked quite similar to the start of 2015 and 2016 in spite of very tight inventory. The 5,298 closed sales logged for the first quarter were less than 4 percent lower and the 6,577 pending sales reported were less than 3 percent off what were almost identical first quarter postings from the prior two years.
“Sparse inventory continues to hold weary buyers hostage as multiple offers are common in most market areas and price points,” says Pat Shea, president of Lyon Real Estate. At the end of last month, 2,800 homes were active and available for sale; 20 percent fewer than March 31st of 2016 and 33 percent fewer than March 31st of 2015.
The high rate of sales and low inventory combination pushed the median sales price for the month of March to $365,000. The median hit a recent peak of $367,000 last June before softening during the fall and winter months. Other than these two months, the median had not reached this price level since August of 2007. Homes that closed escrow during the month were on the market an average of 37 days and netted 99 percent of their original list price.
Shea states that “it is clearly an amazing time for sellers to make their move with inventory in every price point historically low and their odds of selling historically high. 30-year fixed mortgage interest rates are still hovering in the 4 percent range so you can expect these trends to continue through the spring and summer home selling season.”
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.