New Listings Offer Some Relief for Area Home Buyers
The Greater Sacramento Region gratefully enjoyed its best two months of new listing inventory since August and September of last year. In March, 3,343 homes were placed on the market, followed by another 3,178 in April. The 3,175 active and available homes for sale at month end also reflected the highest standing inventory level since November. This market information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Buyer demand through new pending sales however, kept significant pressure on the market with 2,850 open escrows in April. This marked the most for any one month since May of 2016. The increased pending sales data also followed a similarly strong, 2,181 open escrow count for March. These metrics produced the third consecutive month of upward price pressure culminating with a $375,000 median price for closed escrows in April, a 7 percent increase over last year. The average sales price topped the $400,000 price point for the past two months finishing April sales at $416,000.
Entry level housing continued to evaporate as there was less than one month of inventory, 1,101 properties available throughout the region below $400,000 by month end. This is 27 percent less than April of 2016. To further the point, 1,581 new listings entered the market in that price range during April and the exact same number were placed under contract.
The move-up market, is now gravitating more toward the $400,000 to $750,000 price range due to the recently elevated median and average sales prices. There were 1,407 listings available at month end, yet only 1.3 months of supply based upon the rapid rate of new pending sales.
Inventory in the upper-end, specifically $750,000 and above, experienced two consecutive months of more than 300 new listings. This seasonal listing activity jump left a healthier 667 homes available for sale in the price range on April 30th. New open escrows however, reached 163 units in March and 184 for April. Both qualified as the highest months since spring of 2007.
“Our protracted inventory struggle and relentless buyer demand continue to place upward pressure on all price points,” says Pat Shea, president of Lyon Real Estate. “The median sales price fluctuated between $355,000 and $359,000 for 8 straight months ending February and now has quickly risen to $375,000. Inman news recently reported that 20 percent of all San Francisco Bay area residents are looking to relocate. Locals should buy and move-up sellers should act, while favorable interest rates and relative affordability provide the opportunity.”
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.