Greater Sacramento Home Sales Are Back On Track
The Greater Sacramento real estate market bounced back during the month of January as new pending sales jumped 24 percent when compared to December figures. The new sales reported also reflect a 20 percent increase over those posted in January of 2017, confirming the market will resume a hot pace. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
Fortunately, 2,494 new listings arrived on the market in January across the four-county area. This marked a 10 percent increase over January of last year but still left the region with a paltry 1.4 months of available inventory based upon current buyer demand.
The region’s average price for closed sales in January rested at $419,000, 10 percent higher than one year ago. This was the lowest however, since April of last year, but does reflect a typical seasonal adjustment. “Sales activity in the move-up and upper-end price points typically softens over the winter months and places downward pressure on median and average sales prices. You can surely expect a rebound very soon,” states Pat Shea, president of Lyon Real Estate.
The entry level – properties below $400,000 – remains the most competitive space with 4 percent fewer properties in standing inventory compared to last January. The rate of new sales month after month are nearly equal to the number of new listings entering the market. “This condition is a huge burden for first time buyers and also presents market wide risk, as move-up activity is crucial to the housing eco-system,” says Shea. The condominium market, another staple for first time buyers, was left with only 154 units on the market on January 31st, down 24 percent from last year.
“The best time to place your home on the market is when inventory is seasonally low and buyer demand remarkably high,” Shea adds. “You still want to price reasonably, prepare for excellent showing condition, and select a very good agent in order to negotiate your highest and best contract. The relative stability in our prices and certain influx of new inventory as spring draws near will keep the market very competitive throughout all of 2018.”
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.