INVENTORY DROPS AND HOME SALES DIP
26% more homes currently available for sale versus last year
(SACRAMENTO, CA) – The number of active and available homes for sale throughout Greater Sacramento declined a typical 11 percent since October yet currently remains a substantial 26 percent above last year at this time. Market demand however, measured by the rate of new pending sales, still reflected a modest 2.4 months of remaining home supply on December 1st. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
A total of 1,962 resale homes went under contract as pending sales, while 1,890 were posted as sold and closed across the entire region for the month of November. Both sales categories reflect significant decreases when compared to October figures and dropped 6 percent and 17 percent respectively versus last year at this time. According to Pat Shea, president of Lyon Real Estate, “the re-sale market is certainly tracking to normal seasonal adjustments but is falling notably short of the over achieving fourth quarters of the past two years.”
The average home sale price of $446,000 and median sales price of $400,000 for the region in November both reflect slightly more than a 2 percent increase compared to this time last year. A consistent pattern of price stability is further evident, as the average sales price has ticked down steadily over the past six months after reaching a high of $474,000 in June. The previous high for the Greater Sacramento region was struck in June of 2006 at $472,000.
Most price points experienced the same combination of higher inventory with softer, new open escrow and closed sale figures. Homes priced greater than $750,000 however, enjoyed an 18 percent increase in new open escrows versus October and a 34 percent increase in new opens versus November of 2017.
“Stock market volatility and mortgage interest rate fluctuations have likely caused some buyers to tap the brakes for a bit,” says Shea. “Add that to normal seasonality and the gap in year over year, local housing metrics gains some attention. A slower but steady winter is likely, followed by another very busy spring selling season. There is no doubt that Greater Sacramento remains one of the hottest housing markets in the country.”
About Lyon Real Estate
Lyon Real Estate is the leading independent real estate brokerage company in Greater Sacramento (Sacramento Business Journal). We are proud to be home grown, locally owned and internationally known. Lyon has served the area for over 70 years. In 2017, the company closed 7,333 transactions worth a total of $3 billion in sales volume. Lyon Real Estate has 950 agents in 17 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World®, the largest network of premier locally-branded firms, as well as LeadingRE’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 GoLyon.com and follow us on Facebook.com/LyonRealEstate.
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.