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.”
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