The seasonal slowdown for resale homes in Greater Sacramento has ended quite abruptly as new escrows in January jumped 44 % over December totals. Closed sales for the month were down 36% over December which was largely attributed to sluggish new escrow figures during the months of November and December. This information was provided by Trendgraphix Inc., a Sacramento based reporting company and reported by Lyon Real Estate.
“People are seeing an economic resurgence in our community and reading all the good news,” says Pat Shea, president of Lyon Real Estate. “Buyer activity is heavily based upon consumer expectations and everything just looks exceptionally positive for Greater Sacramento.”
Active and available homes on the market in the four county region ended January at 4,092. This marked the lowest total since last February and rested 34% below the 2014 high number posted in September. This left a mere 1.8 months of inventory at the current rate of pending sales. Listing numbers are expected to rise by spring however, years of purchases and refinances at low interest rates may keep supply moderate throughout 2015.
The statistics show that 48% of the current inventory is below $350,000, where 62% of the new sales for the entire region occurred last month. A further look also revealed that 42% of the inventory remained in the $350,000 - $750,000 price range where 35% of the sales occurred.
“The entry level and move-up selling season is well underway,” says Shea. “A sustained stability in the median price, hovering near $300,000 and interest rates at or below 4% have buyers back on the move. The upper-end typically gets off to a slower start but rest assured that all of the positive economic metrics have Greater Sacramento positioned for another banner year for homes sales in all price points.”