Market Tightens in Sacramento Real Estate
Jan 13, 2016
Resale housing stock 23% lower than January of 2015
The Greater Sacramento real estate market continued to see inventory evaporate during the month of December as Sacramento, Placer, Yolo and El Dorado counties combined were left with a mere 3,226 homes active and available for sale at year end. This represents the lowest number since May of 2013, based upon market information provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
According to Pat Shea, president of Lyon Real Estate, “the fourth quarter enjoyed a 6 percent increase in sold properties compared to Q4 of 2014 and a 10.5 percent increase in new pending sales. Both of these metrics, combined with the lowest monthly total of new listings since last December — 1,433 — rendered the area’s resale housing stock 23 percent lower than the beginning of 2015.
The median sales price remains relentlessly stable and logged in once again at $329,000 for December. There has been no greater than a $5 variance in the region’s median price over the past eight months. The average price per square foot has toggled between $193 and $195 over the past seven months while sellers have averaged 97 percent of their original list price for five consecutive months.
Sacramento County continued to see the most activity with 65 percent of the region’s sales in December and 53 percent of the remaining inventory. Placer County followed as typical, with 21 percent of the sales and 24 percent of the residual inventory. El Dorado and Yolo Counties trailed with 8 percent and 6 percent respectively of December sales as well as 17 percent and 6 percent of the remaining homes for sale.
“Our entire market area experienced a 10 percent increase in the number of homes sold during 2015 as compared to 2014,” said Shea. “You can expect more of the same in 2016 with the multitude of factors that remain in our favor, including: affordability, interest rates, job news, re-development, gentrification, etc. There’s never been a better time to sell or buy a home in Sacramento.”
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 100 brokerages in 18 states. For more information about TrendGraphix, visit www.trendgraphix.com