2013 Real Estate Recap for Sacramento County
2013 finished with a soft landing, closing just over 1,200 transactions Sacramento County in December. Fewer than what we'd seen the year before, but still solid numbers. Inventory continues to be a sought-after commodity, with buyers wanting to take advantage of the rates that are still below 5%.
This year we are looking forward to seeing the many "distressed sellers" from previous years be able to re-enter the market. Loan programs are available for people who had to short sale their homes over the past few years, which will provide even more demand for our
Pricing appears to have somewhat leveled off compared with the frenzy we had a year ago. When priced with the market, sellers are seeing offers within the first few weeks of listing. If you or someone you know is considering a move in 2014, I would consider it a privilege to be the real estate resource. Call or drop me an email!
Wishing you a healthy, prosperous new year.
Lyon Press Release -
December 9, 2013
RESALE INVENTORY DROPS TO LOWEST LEVEL IN 3 MONTHS
With 4,433 active and available listings, November 30 marked the lowest level in inventory since early August, according to data provided by TrendGraphix and reported by Lyon Real Estate. Also of note – 2,132 new pending sales for the month, demonstrating sustained market momentum for Sacramento, Placer, Yolo and El Dorado Counties. These metrics combined indicate that greater Sacramento housing remains vibrant with only 2.1 months of resale housing inventory.
The median sales price ended November at $280,000, 27 percent higher than one year ago. The average sales price of $321,000 also finished the month 27 percent over the November 2012 mark. Entry-level housing, considered below $300,000 by many professionals, remains red hot with only 1.6 months of available homes based upon pending sales data.
Buyers in the $350,000 to $750,000 price range placed 875 homes into escrow over the past three months. That number represents a 42 percent increase in pending sales when compared to the same quarter one year ago. The $750,000 and higher price point recorded its second straight month of 50 new pending sales compared to a mere 29 posted in November of 2012. All of these figures validate a continued confidence in all price points throughout the region.
Placer County enjoyed a $4.725 million dollar sale in Granite Bay, which was the most expensive home sale in the county in four years. Davis remains a very tight market ending November with a median price of $507,000 and an incredibly low 1.8 months of inventory for all price points. El Dorado County continues to see strong pending sales at 204 for the month considering their $350,000 median price pushed 24 percent higher than November 2012.
“Considering the market run has continued for the better part of two years, month-to-month and even quarter-to-quarter comparisons don’t always tell the complete story” said President and Chief Operating Officer Pat Shea of Lyon Real Estate. “The bottom line is that real estate is hyper local and our entire region continues to see a high volume of enthusiastic buyers in all price points who are new to home ownership, re-entering after a prior distress sale or moving up to their dream home.”
Please let me know if there is anything I can do to help. My goal is to be your trusted real estate resource.