Home Sales Stay Toasty in Greater Sacramento
October new open escrows up 3 percent versus September.
During the month of October, 2,537 resale homes were placed under contract across the Greater Sacramento region. That figure reflected a 3 percent increase over a very solid September and just a 6 percent drop off from a record-setting October of 2020.
“The number of new open escrows suggest that buyers remain very enthused with home values across the region and are not quite ready to take a break for the holiday season,” says Pat Shea, CEO of Lyon Real Estate.
Closed sales for the month were down 4 percent compared to September and off 16 percent versus October of 2020. The year-over-year gap was expected due to the historic market rebound in the fourth quarter of last year, after the pandemic interruption months earlier.
The number of active and available homes for sale in all price points fell 4 percent since September and rested just 1 percent shy of last year at this time. Shea said he believes this could hamper winter momentum as persistent buyers will have fewer opportunities and choices.
“Based upon the current rate of sales, the region has less than one month of available housing supply,” Shea stated. “A more balanced market in this day and age would have at least two to three months of supply. Thus, more inventory at this time would surely be better.”
The $750,000 and above price point remained equally busy over the past three months, as 1,473 properties were posted as sold and closed transactions. This reflected a remarkable 39 percent jump versus the same period last year. New open escrows in the upper-end for the month of October alone were 2 percent above September’s and finished 36 percent higher than those of October 2020. Inventory currently remains at less than 2 months of supply, which is considered quite low in the Greater Sacramento region for this price range.
The average closed sales price, when considering all properties softened slightly over the past three months, averaged $621,000 for that period. This marked a 15 percent increase compared to the same three months last year. The median price over the past three months rested at $555,000 and was up 15 percent year-over-year as well. The three-month run reflects price stability that typically occurs in the fall and winter then starts to rise again come spring.
New listings entering the market during the month fell off 14 percent versus September and 20 percent below October of 2020.
“This is counter intuitive, as currently, the Greater Sacramento area presents the absolute best market conditions for anyone thinking about selling their home in the near future and buyers are not backing off,” Shea added. “Anyone considering moving up, downsizing or changing locations should think about it right now. One can never be certain of when market changes might come.”
This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
About Lyon Real Estate
Lyon Real Estate is the leading independent real estate brokerage company in Greater Sacramento (Sacramento Business Journal), and is proud to be homegrown, privately owned, and internationally known. Lyon has served the area for over 75 years. Last year, the company closed a total of 5,851 transactions and $2.86 billion in sales volume. Lyon Real Estate has over 850 agents in 17 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World®, the largest network of premier locally branded firms, as well as LeadingRE’s Luxury Portfolio International® program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. Since 2015, the Lyon Cares Foundation has contributed more than $1,017,000 to local nonprofits. For more information about Lyon Real Estate, click to GoLyon.com.
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.