Home sales in the greater Sacramento tri-county area rose 12 percent in December from the same month a year ago and the median sale price climbed 8 percent as the region continued to grapple with a shortage of inventory, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading real estate services company.
The figures are based on Multiple Listing Service data of all homes sold in Sacramento, El Dorado and Placer counties.
A total of 2,367 homes sold in December in the tri-county region, up 12 percent from the 2,116 sales in December 2014. Sales were also up sharply from the previous month, jumping 23 percent from the 1,919 transactions in November 2015. The higher sales came despite another sharp decline in inventory with listings dropping 27 percent year over year in the region.
Meanwhile, the median sale price in the tri-county area last month was up 8 percent from a year ago to reach $319,000. The median sale price was also up on a monthly basis, edging up 1 percent from November’s $315,000 price.
“The tri-county housing market closed out 2015 with a very strong performance thanks to steady demand from buyers, low mortgage rates and a solid local economy,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “We continue to be challenged by low inventory, but we’re optimistic that listings will begin to come on the market in the weeks and months ahead.”
Sacramento County led the tri-county area with a 16 percent jump in sales in December as 1,651 homes changing hands, up from 1,429 during the same month a year ago. The county also led the region with a 13 percent increase in the median sale price, climbing to $288,000 from $255,000 last year. Inventory of homes for sale was down 34 percent.
El Dorado County saw home sales rise 8 percent last month from a year ago with 205 properties changing hands, up from 190 last year. The median sale price climbed to $400,000, up 3 percent from last December’s $390,000 median price. Inventory of homes for sale in the county was down 11 percent from last year.
Placer County home sales rose 3 percent year over year to reach 511 in December, up from 497 a year ago. The median sale price was up 1 percent from a year ago to $385,000. And inventory declined 17 percent from a year ago.
Some other key findings from the Coldwell Banker Residential Brokerage Sacramento Regional Housing Report for last month:
- Sold listings in the tri-county area for all of 2015 reached 28,372, up 11 percent from 25,569 sales in 2014;
- The median sale price for all of 2015 was $313,000, up 8 percent from the $290,000 median sale price in 2014;
- The inventory of homes for sale in December stood at its lowest level in more than three years;
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 or visit ColdwellBankerHomes.com.