Low Inventory Good News For Home Sellers in Sacramento
by Rick Delgado
on Thursday, June 16th, 2016 at 10:57am.
With housing statistics and sales released for the month of May in Sacramento, lower inventories have pushed home price up slightly on a year-to-year basis.
A report by Coldwell Banker Residential Brokerage shows the median sale price on all single-family homes in Sacramento, El Dorado and Placer Counties was at $345,000, a jump of 7.5% from May 2015 when the price was $321,000.
The reason for the increase is there aren't as many homes for sale in the Tri-County area, where the total number of listings in May was 4,474 - down a staggering 27% from a year ago. According to the report, the largest inventory drop came in Sacramento County, where there was 33% fewer homes for sale last month.
Of the three counties, Sacramento County showed as the most affordable, with a median of $310,000, but that was still an 11% jump year over year. Placer County’s median last month was $422,000, while the median price in El Dorado County was $430,000.
All in all, 1,612 single-family homes were sold in May, up from 1,554 that changed hands in April.
Looking at condo sales, the median prices basically stayed the same in May as it was in April ($170,000), but the average price jumped by 7.5% to $205,600. And condo inventory is very, very low, on a year-by-year basis, down 47.4% to just 1 month's worth of stock.
Another positive aspect of the current market is REO sales are way down from the same time as last year, 36% less to be exact. Short sales are also down 13% from May 2015.
It's definitely a good time to be a seller in the Sacramento real estate market right now and if you're looking for one of the best real estate agents in the Tri County area, call Rick Delgado at 916-226-1136.