SACRAMENTO, Calif. – July 8, 2015 – Existing home sales in the greater Sacramento area surged nearly 15 percent in June from a year ago, reaching their highest level in nearly three years, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading real estate services company.
Some 2,771 homes changed hands last month, up from 2,411 during the same period a year ago, a 14.9 percent increase. Sales in June were also up 8 percent from May, when 2,560 sales were recorded. The figures are based on Multiple Listing Service data of all homes sold in the tri-county region of Sacramento, El Dorado and Placer counties.
Placer County led the way last month with a 27.3 percent jump in sales compared to a year ago with 679 sales in June 2015 versus 533 in June 2014. Sales were also up 7.6 percent from the previous month. Sacramento County recorded a 14 percent year-over-year rise in sales to 1,849 units while El Dorado County sales were down 6.2 percent from last year but up 3 percent year to date.
Meanwhile, the median sale price of a home in the tri-county region last month reached $321,000, up 8 percent from the same period a year ago, when the median stood at $298,000. Sacramento County saw a 7 percent year-over-year increase in the median to $282,000, Placer County had a 6.7 percent increase to $397,000, and El Dorado County recorded a 9.2 percent increase to $404,000.
A good portion of the price increase in the tri-county area could be attributed to a shortage of inventory of homes listed for sale, which may result in prices moving higher than normal. Inventory of homes for sale in the region last month was down 21 percent from the same period last year.
“The greater Sacramento area’s housing market continues to be quite resilient with home sales remaining strong overall despite a limited inventory for buyers to choose from,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “The local economy remains strong and buyers continue to see good value in real estate in our region, especially when compared to higher-priced regions like the Bay Area.”
Some key findings from the Coldwell Banker Residential Brokerage Sacramento Regional Housing Report for last month:
- Inventory of available homes fell to 5,591 in the tri-county area, down from 7,119 just a year ago;
- The supply of inventory dropped to 2 months in the region from 3 months a year ago. The figure reflects how many months it would take for all the homes on the market to sell, given the monthly sales volume. Four to five months of supply is average;
- Homes sold in an average of just 36 days on the market compared to 41 days a year ago and 72 days three years ago;
- Sellers received an average of 99.7 percent of their asking price, up from 99.4 percent a year ago.
Coldwell Banker Residential Brokerage serves Sacramento, Placer and El Dorado counties with nearly 800 agents and 12 offices. For more information, please call 925-771-5285.