Led by Placer County, the greater Sacramento tri-county area saw home sales and the median sale price both rise last month from a year ago despite a sharp decline in listings, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading real estate services company.
A total of 1,874 homes sold in November in the tri-county region, up 8 percent from November 2014. The median sale price last month was up 11 percent from a year ago to reach $315,000. The higher sales came despite the inventory of homes on the market falling to its lowest level in more than three years in November, down 29 percent from a year ago.
The figures are based on Multiple Listing Service data of all homes sold in Sacramento, El Dorado and Placer counties.
“The greater Sacramento area continues to enjoy a very healthy housing market thanks to a strong local economy, good values and pent up buyer demand,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “The one challenge we continue to face is not having enough homes on the market to meet demand. We’re hoping that begins to change in months ahead with more listings coming onto the market after New Year’s.”
Placer County led the tri-county area with a 10 percent jump in sales last month as 413 homes changing hands, up from 374 last November. The county also led the region with a 9 percent increase in the median sale price, climbing to $390,000 from $357,000 last year.
Home sales in Sacramento County rose 8 percent last month to 1,296 units, up from 1,197 sales a year ago. The median sale price in the county was also up 8 percent to $280,000 from $260,000 in November 2014. Inventory of homes on the market took the biggest fall in Sacramento County with listings down 36 percent from a year ago.
El Dorado County saw home sales dip 1 percent last month with 165 properties changing hands, down from 167 last year. The median sale price rose to $395,000, up 7 percent from last November’s $369,000 median price. Inventory of homes for sale in the county was down 9 percent from last year.
Some other key findings from the Coldwell Banker Residential Brokerage Sacramento Regional Housing Report for last month:
- Sold listings year to date through November reached 25,934 in the tri-county area, up 11 percent from the 23,452 transactions at the same time last year;
- The median sale price year to date is $312,000, up 8 percent from the $290,000 median sale price at the same time last year;
- In the last three years, the median sale price in the region has rebounded 46.5 percent from the $215,000 level in November 2012;
To view recent ($500k+) homes sales in Placer Valley, click here.
For a look at recent ($500k+) homes currently on the market in El Dorado County, click here.
The Sacramento Regional Housing Market Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker is recognized around the world for its expertise in the luxury housing market.
The featured property was recently sold by Pat Seide for $3,200,000 in El Dorado Hills, and was recently featured on the cover of the summer issue of Homes & Estates.