New Listings Quickly Drive Sales for Housing Market
Voracious buyer demand throughout the entire 4-county Greater Sacramento region is maintaining a tight squeeze on the peak selling season for our housing market. At the end of May, 3,547 homes were left active and available for sale. Even though this marked a 12 percent increase over April’s standing inventory, the resale housing stock remains 17 percent below last year at this time.
The seasonal influx of new listings entering the market during May were rapidly consumed by a 25 percent month-over-month surge in open escrows. The region is now left once again with slightly more than one month of active and available homes for a steady stream of eager buyers. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
As is typical, Placer County saw the highest average list price at $755,000 and the highest average sold price at $507,000. There were 647 closed sales in Placer during the month of May. Nearly 20 percent of the available listings were in the luxury price point of $900,000 and above yet fewer than 5 percent of the closed sales occurred in that price range. Below $900,000 the Placer market remains very tight.
Sacramento County logged 1,618 closed sales with the lowest average sales price for the region at $383,000. Even though 2,202 new properties entered the market in May, the more favorable price point and highest buyer demand led to 2,002 new open escrows. Standing inventory for the county rested at 1,761 homes active and available at month-end.
El Dorado and Yolo Counties experienced $520,000 and $509,000 average sales prices respectively. El Dorado County closed 252 properties and had the highest remaining inventory at 2.1 months based upon the current rate of pending sales. Yolo County logged 186 closed sales for the month and had 245 homes available for sale or 1.1 months of inventory, at month end.
The news around affordability, growth and development for Greater Sacramento continues to fuel Northern California and national media outlets,” says Pat Shea, president of Lyon Real Estate. “Even with the prospect of upward pressure on mortgage rates later this year, look for this to be a summer to remember for home sellers and buyers throughout our region.”
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.