Business as Usual in Greater Sacramento Home Sales
The Greater Sacramento real estate market remained right on path during the month of January, as new pending sales jumped 17 percent after taking a slight dip in December. The 1,972 new escrows also marked a 4 percent increase over January of 2016 in spite of record rainfall, and indicate that another busy spring selling season is certainly on the way.
In the four-county area, 2,182 new listings hit the market last month. The high level of buyer demand however, combined with seasonally low listing activity over the past few months, kept standing inventory at its lowest level since March of 2013. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
Sacramento, Placer and Yolo Counties all ended January with less than 1.5 months of available inventory based upon the rate of sales. El Dorado County was left with 2.5 months, a very strong seller’s position by historical standards.
The region’s median price for closed sales in January rested at $340,000. This was the lowest since March of last year and continued a seasonal slide after peaking at $367,000 in June. “Sales activity in the move-up and upper-end price points typically softens over the winter months and places downward pressure on median and average sales prices. You can surely expect a rebound very soon,” states says Pat Shea, president of Lyon Real Estate.
“The best time to list your home is when inventory is historically low and buyer demand remarkably high,” said Shea. “You still want to price reasonably and prepare for excellent showing condition in order to attract your highest and best offer. The relative stability in our median price and certain influx of new inventory as spring draws near will keep the market very competitive in 2017.”
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.