Greater Sacramento home sales continued at a blistering pace in April, pushing the median price to a $321,000 average for the quarter. That figure proved to be an 8 percent jump over the same quarter just one year ago, and the region’s highest median price since August of 2005. This information was provided by Trendgraphix Inc., a Sacramento based reporting company, and conveyed by Lyon Real Estate.
The month of April saw 2,448 closed sales posted, leaving less than two months of inventory, indicating a still strong seller’s market. “First-time and move-up buyers in the 4-county region are leaving no price point behind,” says Pat Shea, president of Lyon Real Estate. “Below $350,000 however, the market remains in a frenzy.”
Below the $350,000 price point, a total of 1,776 new open or pending sales were posted during the month of April. Inventory in the price range ended the month at 1,705, leaving less than one month of supply available for buyers. Average days on the market until sale dropped to 39 and sellers received an average of 98 percent of their original list price.
The move-up range, between $350,000 and $750,000, experienced a 31 percent increase in closed sales and a 34 percent increase in new open escrows compared to the same quarter last year. Inventory saw a 12 percent jump over the previous year, however, the market was left with less than two months of inventory based upon the new open rate of sales.
In the $750,000 and above price range, 330 new open escrows were posted over the past three months. That was nearly the same amount posted over the previous six months combined. Above one million dollars, there were 37 closed sales and 40 new open escrows for the month of April.
Shea believes these market trends will continue. He added that: “the Greater Sacramento Region offers exceptional home values and quality of life. We just enjoyed our best million dollar home sale month since the summer of 2007. April’s 2015 median price remains 24 percent below the peak of the pre-recession boom and interest rates are still floating below 4 percent. It’s a great time to be here.”