Home Buyers Stay Busy in Greater Sacramento
During the month of October, 2,692 resale homes went under contract across the Greater Sacramento region. That figure reflected a 12 percent increase over September and a 15 percent increase compared to October of 2016. “Buyers just keep coming out of the woodwork,” says Pat Shea, president of Lyon Real Estate. “Consumer confidence remains strong, interest rates remain favorable and Greater Sacramento remains affordable.”
The number of active and available homes for sale however, dropped 5 percent since September and ended the month 2 percent below October of last year. This leaves market potential over the next few months somewhat in question, with just 1.6 months of inventory available market wide based upon the rapid rate of pending sales. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
The $750,000 and above price point remained remarkably busy over the past 3 months, with 492 properties placed under contract as new pending sales, a 41 percent jump versus the same period last year. Over the same timeframe, 447 properties were posted as sold and closed, marking a 29 percent increase. Available inventory in the price range is now at 4.2 months of supply based upon the rate of new open sales. It is also currently at the lowest point since May. Entry level and move-up price points maintained their yearlong frenzy as well.
The consistently scarce condominium segment was left with just 228 properties available for sale at the end of October. This represents approximately one month of inventory available based upon the current rate of pending sales. The average sales price for the month was $236,000 compared to $224,000 in October of 2016. The average number of days on the market was 21.
“Anyone considering buying, moving up, downsizing or changing locations should think about it right now,” says Shea. “The average sales price for the region has floated around $430,000 over the past 3 months, 9 percent higher than last year. We can never be certain of what changes the New Year may bring. Property prices, mortgage interest rates and personal income tax changes could all impact home buyer willingness and ability.”
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.