The summer of love for home sales in Greater Sacramento appears to be endless with five straight months of extraordinary new open escrow and closed sales figures, rocking the entire region beyond any forecaster’s expectations.
The highest number of new pending sales (open escrows) - 3,065 - were recorded in July, which is the highest number since May of 2012, when the median sales price was at $195,000 and near the recession bottom. July’s pending sales were 26 percent higher than the same month in 2014 which at that time was regarded as very strong by historical standards. Inventory at month-end left 5,572 homes available for sale. This number was 7 percent below July of 2014 and reflected 1.8 months of remaining supply based upon the rapid rate of open escrows even though the average median is now above $330,000. This information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
“Buyers just keep coming out of the woodwork,” says Pat Shea, president of Lyon Real Estate. “Boomerang buyers recovering from previous distress sales, new buyers from a solid job market, spillover buyers from unaffordable, San Francisco to San Jose communities, as well as locals who are thrilled with exceptional move-up values are all contributing to what for now appears to be an insatiable demand for Sacramento housing.”
“The move-up and upper-end have just exploded in the past three months,” says Shea. He noted that the $350,000 to $750,000 price point saw a 25 percent increase in closed sales and a 28 percent increase in pending sales compared to this time last year. Above $750,000 the market enjoyed a 23 percent increase in pending sales and an extraordinary 42 percent increase in closed sales over the same period.
“CBS News, Realtor.com, Housing Wire and Forbes, among others, have recently included the Greater Sacramento Region among the hottest housing markets in the country,” continued Shea. “Amazing home values, low interest rates, a solid job market and an unprecedented cycle of re-development are drawing everyone’s attention. Even better is the news that prices are actually stable, with the median floating between $325,000 and $335,000 over the past four months.”
About Lyon Real Estate
Lyon Real Estate is ranked the number one brokerage in annual home sales in the greater Sacramento region and has served the area for more than 65 years. In 2014, the company closed 7,553 transactions worth a total of $2.61 billion in sales volume. Lyon Real Estate has 961 agents in 17 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World® (LRE), the largest network of premier locally-branded firms, as well as LRE’s Luxury Portfolio International program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. For more information about Lyon Real Estate, click to www.GoLyon.com and follow us on Facebook/Lyon.
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