Greater Sacramento Home Sales Remain Solid
The Greater Sacramento region enjoyed 2,150 closed home sales during the month of March. This marked a notable 26 percent increase when compared to February and signaled a spring surge is under way. Closed sales for the entire first quarter were also up 2 percent when compared to the same period last year, 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 flourish as 2,869 new open escrows for the month were a staggering 38 percent higher than February numbers and nearly 10 percent higher than March of 2017. New sales for the now completed, first quarter of 2018 actually looked exceptionally strong compared to recent years in spite of a protracted period of very tight inventory. The 6,865 new pending sales logged in the past 3 months were just over 9 percent higher than those posted over the same time frame last year.
“Even though inventory is up nearly 9 percent compared to last year at this time, persistent buyer demand is keeping the market very tight in most areas and price points,” says Pat Shea, president of Lyon Real Estate. At the end of last month, 3,046 homes were active and available for sale. Looking a little farther back, there are 10 percent fewer homes currently available than on March 31st of 2016 and 38 percent fewer than March 31st of 2015.
The high rate of sales and low inventory combined to push the average sales price for the month of March to $449,000 and median sales price for the month to $403,000. The average price has not seen this level since February of 2007. The median hit a recent peak not seen since August of 2006. The average sales price and median are both approximately 10 percent higher year-over-year.
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. Employment numbers and mortgage interest rates remain very favorable and San Francisco Bay Area migrations continues. You can surely 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.