(SACRAMENTO, CA) – During the month of October, 2,692 resale homes went under contract across the Greater Sacramento region.
That figure reflected a 12% increase over September and a 15% increase compared to October of 2016.
“Buyers just keep coming out of the woodwork,” says Pat Shea, president of Lyon Real Estate. “Consumer confidence remains strong, interest rates remain favorable and Greater Sacramento remains affordable.”
The number of available homes for sale however, dropped 5% since September and ended the month 2% below October of last year.
The California Association of Realtors states that 3 months of inventory is a balanced market between home buyers and home sellers. At 1.6 months inventory, we’re definitely in a sellers’ market for the resale side of the Sacramento real estate market.
So we have a large number of active Sacramento homebuyers out there and low inventory.
$750,000 and Up
The $750,000 and above price point remained remarkably busy over the past 3 months, with 492 properties placed under contract as new pending sales, a 41% jump versus the same period last year.
Over the same timeframe, 447 properties were transferred to new owners, marking a 29% increase.
Available inventory in the price range is now at 4.2 months of supply based upon the rate of new open sales. It is also currently at the lowest point since May. Entry level and move-up price points maintained their yearlong frenzy as well.
Sacramento Condo Market
The consistently scarce condominium segment was left with just 228 properties available for sale at the end of October. This represents approximately one month of inventory available based upon the current rate of pending sales. The average sales price for the month was $236,000 compared to $224,000 in October of 2016. The average number of days on the market was 21.
“Anyone considering buying, moving up, downsizing or changing locations should think about it right now,” says Shea. “The average sales price for the region has floated around $430,000 over the past 3 months, 9 percent higher than last year. We can never be certain of what changes the New Year may bring. Property prices, mortgage interest rates and personal income tax changes could all impact home buyer willingness and ability.”
If you need help figuring out how this affects you, let me know. I’m happy to help.
Vicki [@] CallVicki.com
Today’s Real Estate article Roseville Real Estate Market: Greater Sacramento Homebuyers Are Busy Buying Homes And Condos was written by Vicki Moore, Lyon Real Estate – Roseville. You’ll find Vicki selling homes in the Great Sacramento area.
Vicki Moore, has been a licensed California Real Estate Agent since 1998. You can speak with Vicki by calling/texting her at 650-888-9268 or you can email her at: [email protected] if you have questions or need help in a real estate transaction in the Roseville real estate market.
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