Greater Sacramento Home Sales Surge
Greater Sacramento home sales have clearly bounced back with a vengeance after pandemic restrictions and fears pummeled the market from mid-March through mid-May. This market information is presented by Lyon Real Estate courtesy of data provided by Trendgraphix Inc. a Sacramento based reporting company.
New open escrows logged thus far in June as of the 15th were up 38 percent versus mid-May and 23 percent compared to the same time frame last year. This follows prior rebound evidence as new open totals for the entire month of May were a resounding 58 percent higher than those of April. New opens in the upper-end, or $750,000 and above price point, experienced one of the best months ever in May 2020 as 277 homes were placed under contract. That number was double the figure posted for April and 10 percent higher than May of 2019.
Prospective home sellers however have not yet returned to the market landscape with the same level of enthusiasm as their counterparts. New listings are down 23 percent compared to mid-June of 2019 and standing inventory is currently down 30 percent year over year. This leaves the resale housing market with just over one month of available supply based upon the aggressive rate of buyer demand.
Even with the erratic ups and downs of market metrics over the past few months, the average sales price for the 4-county area landed at $483,000 for the month of May. That number is precisely the same as that posted for May of 2019. Closed escrows recorded in June thus far have an average sales price of $493,000, a 2 percent lift. Price stability has clearly remained and is expected to see average appreciation through year-end.
“Once again, homes are flying off the shelves and multiple offers are more common than not,” says Pat Shea, president of Lyon Real Estate. He added that “according to local and national new home construction sales associations, their market is also clicking, and housing’s resiliency in the face of a pandemic has been shocking.”
“The greater Sacramento economy is bouncing back and housing is the lead indicator,” says Shea. “The process of getting all businesses open and people back to work is fully underway. Buyers have stepped on the gas to take full advantage of rock bottom mortgage interest rates and the amazing affordability and home values available in our region. Migration to greater Sacramento from higher priced and higher density population areas is escalating due to the pandemic experience. Prospective sellers moving up, moving down or moving out should get on the market while it is red hot. There will be no time like the present.”
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.