Home Sales in Greater Sacramento Area Keep Pace With Rising Inventory
Key market indicators look very similar to last year
On July 31st, 4,888 residential properties were active and available for sale throughout the 4-county Greater Sacramento region, marking an 11 percent increase in supply compared to last year’s fierce market. “This is a positive development,” says Pat Shea, president of Lyon Real Estate. “Buyers remain hyperactive in our market, and excellent home values continue to surface.” He added that “inventory remains 3 percent lower than July of 2016.”
During July, 2,481 properties closed, representing only a 3 percent falloff compared to a very robust June. The closed units from May, June, and July combined are less than 4 percent shy of last year at this time. This market information is presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
The rate of new open escrows, or pending sales, support expectations that closed sales will remain solid in the coming months. New escrows opened in July were nearly equal to those of June and stood three percent higher than July of 2017. The average closed sales price softened slightly for the second consecutive month and rested at $463,000 for the month of July. This was however, still an approximate eight percent increase year over year.
Sellers received 98 percent of their original list price and were on the market an average of 27 days before accepting a contract. Below the one million dollar price point across the entire region, there remains less than two months’ supply of inventory based upon the current rate of sales. A seller’s market is anything less than four months.
“Slow and steady increases in our resale and new construction housing stock offer stability and sustainability for the Greater Sacramento real estate market,” says Shea. “Expect more homes to come on the market over the next few months but for sales to remain consistent. All of the news surrounding Northern California and our local economy is encouraging, and consumer confidence is quite high. Our market it gently moving toward a healthy balance for both buyers and sellers.”
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.