Resale housing supply watchers throughout the Greater Sacramento region witnessed a sizeable 8 percent increase in total inventory during the month of August. The 5,287 property listings currently available also marks the highest count since August of 2015. For comparison purposes, total inventory remained below 2,900 homes for sale during the months of December, January and February.
Closed sales reported over the last three months are down approximately 6 percent compared to last year at this time. During the month of August however, 2,779 resale, residential properties were placed under contract across the 4-county region. This surge in new open escrows reflected an 11 percent jump over July sales. The new open escrow total for August also marked the second highest number in any calendar month since May of 2017. This market information is presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
Regardless of the increase in listings and flurry of sales, price stability appears to be evident due to a few additional metrics. The average closed sale price of $456,000 for August continued the third straight month of mild decline after reaching a peak of $474,000 in May. The median of $409,000 followed suit, maintaining a 5-month run, floating between $409,000 and $420,000. Both the average and median sales prices for August exhibit approximately 5 to 6 percent increases versus last year at this time.
“The move-up and upper-end price points remain remarkably strong and continue to reveal persistent buyer confidence,” says Pat Shea, president of Lyon Real Estate. He added that “the $450,000 to $750,000 price range saw an 8 percent increase in new open escrows last month versus July and a 12 percent lift compared to August of 2017. Above $750,000, there were 208 properties placed under contract in August, a 22 percent jump versus last year.”
“All inventory and sales trends suggest that there are plenty of sellers who want to move-up and a steady stream of eager buyers still seeking the excellent home values in our region,” says Shea. “You can certainly expect strong sales numbers to continue throughout the remainder of 2018.”
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 homegrown, 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.