Remarkably low inventory and surplus of eager buyers remained the top real estate stories throughout the Greater Sacramento region during the month of February. At month end, 3,156 homes were active and available for sale, marking the lowest number in over three years.
Buyers were undeterred however, as new pending sales jumped 33 percent compared to January and 15 percent higher than February of 2015. These metrics left the four county area with a mere 1.2 months of inventory heading into the spring selling season. Market information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
The entry level, $350,000 and below, saw 1,369 homes turn to pending sale while only 1,250 new listings hit the market. This market segment remains the most challenged with less than one month of inventory available based upon buyer demand. “The numbers clearly suggest an erosion of affordability in our region unless homeowners repeat the move-up pattern experienced over the past few years,” says Pat Shea, president of Lyon Real Estate.
The move-up range, $350,000 - $750,000, fared slightly better with 1,593 homes active on the market or 1.5 months of inventory based upon the rate of pending sales. Anything less than four months is considered a seller’s market.
Above the $750,000 price point, the market rebounded with a vengeance from a typical, seasonal break. The highest volume of new sales by a wide margin since March of 2015 – 124 – were posted. This was an 80 percent increase over last month and followed monthly new sales figures of 61, 62 and 69.
Shea states that “upward pressure on prices is starting to materialize with February’s average sales price of $373 reaching a new high since the fall of 2007. That followed eleven months of toggling between $359,000 and $371,000. This makes today a great time for move-up sellers to find their dream home. A steady stream of buyers are ready, willing and able to help get you there.”
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 70 years. In 2015, the company closed 7,903 transactions worth a total of $2.87 billion in sales volume. Lyon Real Estate has 945 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