Listing Surge Fuels Resale Housing Market in Greater Sacramento Area
Spring fever hit Greater Sacramento home sellers in a big way last month as a plethora of new listings hit the market in all price points. The number of active and available homes for sale rested at 4,126 by month end. The elevated inventory level represented a 15 percent increase over April and a 16 percent increase compared to May of 2017. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
The seasonal influx of new listings however, was met with an 18 percent wave of new open escrows compared to April numbers and a 5 percent lift versus last year at this time. Consequently, the region remains in an exceptionally tight market with slightly more than one month of supply available for a steady stream of eager buyers. The average closed sales price and the median price hit new highs once again at $474,000 and $419,000 respectively. Both metrics reflect an approximate 8 percent increase year-over-year.
Placer County as typical, saw the highest average list price at $736,000 yet an average sold price of $567,000. There were 600 closed transactions in Placer during the month of May. Nearly 88 percent of those sales took place below the upper-end price point of $750,000. That segment of the market remains ultra-competitive as just 681 homes, 71 percent of the county’s standing inventory, was available in that price range on May 31st.
Sacramento County logged 1,653 closed sales with the lowest average sales price for the region at $412,000. Even though 2,455 new properties entered the market in May, the more favorable price point and highest buyer demand led to 1,963 new open escrows. Standing inventory for the county rested at 2,227 homes active and available at month end.
El Dorado and Yolo Counties posted $618,000 and $536,000 average sales prices respectively. El Dorado County closed 240 properties and had the highest remaining inventory at 2.3 months based upon the current rate of pending sales. Yolo County logged 172 closed sales for the month and had 228 homes available for sale or 1.1 months of inventory at month end.
“The news around affordability, growth and development for Greater Sacramento continues to fuel Northern California and national media outlets,” says Pat Shea president of Lyon Real Estate. “Even with the continued upward pressure on mortgage rates and home prices, look for this to be another banner summer for home sellers and buyers throughout our region.”
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.