March Home Sales Quicken the Pace
First quarter new open escrows land within two percent of last year’s.
Last year at this time, home sales throughout the Greater Sacramento region started off on a red-hot pace that never eased up until year-end. That extraordinary market momentum ultimately produced record-setting sales figures and price appreciation in spite of conservative mortgage loan programs and financing guidelines.
“This year could very well be off to the same start,” says Pat Shea, President and CEO of Lyon Real Estate.
Specifically, 5,345 homes closed escrow in the first quarter, which was only 4 percent fewer than in 2021. New open escrows for the quarter fell within 2 percent of last year’s reported numbers. Despite news of persistent buyer demand, year-to-date new listings entering the market are still somewhat subdued and tracking 3 percent lower than 2021. These combined sales metrics have once again left a paltry 15 days of inventory currently available on the open market.
The average sales price for homes that closed in the first quarter rested at $661,000. This metric was up more than 16 percent year over year and naturally, set another market high. Sellers received approximately 102 percent of original list price and were on the market an average of only 20 days.
“These numbers are extreme for Greater Sacramento and are due to the endless number of buyers ready, willing and able to compete in an environment where multiple offers remain pervasive,” says Shea.
“The vital signs for continued market momentum are clear and undeniable if you look at March alone,” adds Shea. “Closed sales were up 28 percent and new open escrows up 32 percent for the month when compared to February. New listings entering the market however, jumped only 16 percent, and there lies the challenge.”
Shea offers that: “Most market analysts expect that home sales will remain very strong this year throughout Greater Sacramento with typical seasonality likely to surface again at year-end. Many prospective sellers have been reluctant to take action until they find a way to purchase prior to listing their home. A reputable real estate professional can present both equity bridge solutions and financing bridge solutions to help solve that problem. It would be a very good path to explore before rates climb too much higher.”
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). We are 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 6,039 transactions and $3.39 billion in sales volume. Lyon Real Estate has over 800 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 $1,017,900 to local nonprofits.
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.
Category Real Estate
Elizabeth Penney is a content writer for Lyon Real Estate and the Lyon Local blog. A Sacramento native with a marketing background, she shares her insider knowledge on restaurants, attractions and outdoor activities throughout the greater Sacramento area and beyond.