Resale Homebuyers Remain Undeterred
During the month of August, 3,058 resale, residential properties were placed under contract across the 4-county Greater Sacramento region. The surge in new open escrows reflected a 15 percent jump over July sales and a 10 percent increase compared to August of 2016. The new open escrow total for August also marked the highest number in any calendar month since May of 2012.
Consistently strong open escrow numbers over the previous few months also generated a notable 2,706 closed sales during August. This number represented a 5 percent increase versus July and also delivered the third highest closed sale month in the previous twelve. Market information is presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
Resale housing supply watchers throughout the region witnessed a modest gain as August listings produced a 3 percent increase in standing inventory compared to July. The 4,532 available properties however, still left the market 9 percent short of last year at this time.
“The move-up and upper-end price points are providing extraordinary evidence that the region’s over achieving sales trends will continue into fall,” says Pat Shea, president of Lyon Real Estate. He added that “the $450,000 to $750,000 price range saw a 29 percent increase in new open escrows last month compared to August of 2016. Above $750,000, there was a remarkable 67 percent spike when comparing the same time frame.”
Regardless of the flurry of sales, price stability appears to be evident due to a few additional metrics. The average closed sale price of $432,000 for August remained within the recent 4-month trend that has toggled between $431,000 and $437,000. The median of $390,000 followed suit staying with the 4-month range of $389,000 to $398,000. Both the average and median sales prices for August exhibit approximately 8.5 percent increases versus last year at this time.
“All current and relevant market metrics and trends suggest that sellers are appropriately pricing and positioning their properties to sell and eager buyers continue to write compelling, good faith purchase offers,” says Shea. “The strong local economy and favorable mortgage lending environment continue to boost consumer confidence and encourage buyers to take full advantage of the tremendous home values throughout 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.