The average sales price in March rises to $449,000, the highest since February, 2007
The Greater Sacramento region had 2,150 closed home sales during the month of March. This marked a notable 26 percent increase when compared to February and signaled a Spring surge is underway. Spring is typically a busy season, as all Sacramento area home buyers and sellers know, but a 26 percent increase is more than expected.
Momentum in the market continued to expand as the Greater Sacramento area had 2,869 home sale contracts for the month; a stunning 38 percent higher than February and nearly 10 percent higher than March of 2017. The first quarter of 2018 looked exceptionally strong compared to recent years in spite of an extended period of very low inventory. The 6,865 new pending sales logged in the past 3 months were just over 9 percent higher than those posted over the same time frame last year.
“Even though inventory is up nearly 9 percent compared to last year at this time, persistent buyer demand is keeping the market very tight in most areas and price points,” says Pat Shea, president of Lyon Real Estate. At the end of last month, 3,046 homes were active and available for sale. Looking a little farther back, there are 10 percent fewer homes currently available than on March 31st of 2016 and 38 percent fewer than March 31st of 2015.
The high rate of sales and low inventory combined to push the average sales price for the month of March to $449,000 and median sales price for the month to $403,000. The average price has not seen this level since February of 2007. The median hit a recent peak not seen since August of 2006. The average sales price and median are both approximately 10 percent higher year-over-year.
Shea states that “it is clearly an amazing time for sellers to make their move with inventory in every price point historically low and their odds of selling historically high. Employment numbers and mortgage interest rates remain very favorable and San Francisco Bay Area migrations continues. You can surely expect these trends to continue through the spring and summer home selling season.”
Well-priced homes – key to a successful sale – are receiving multiple offers, some above the asking price. We’re expecting a continuation of low inventory as Bay Area residents continue to relocate to the area in large numbers.
About Lyon Real Estate
Lyon Real Estate is proud to be ranked the number one brokerage in annual home sales in the greater Sacramento region by the Sacramento Business Journal. Lyon Real Estate 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.
About TrendGraphix, Inc.
Data provided by TrendGraphix, Inc. – 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.