Led by El Dorado County, home sales and the median sale price in the greater Sacramento tri-county area both climbed last month as the region’s housing market kicked off the year with a strong performance, 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 1,516 homes sold in the tri-county area in January, up 6 percent from January 2015, when 1,433 properties changed hands. El Dorado County led the way with a 25 percent spike in home sales last month compared to the same month a year ago. There were 147 sales in the county in January 2016 versus 118 in January 2015.
Meanwhile, the median sale price in the tri-county area last month jumped 13 percent from January 2015 to reach $310,000, up from $275,000 the previous year. Once again, El Dorado County outpaced neighboring counties with a 16 percent year-over-year increase in its median price to $405,000.
“The tri-county housing market is off to a fast start in 2016 with solid sales and a very sharp increase in home prices,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “One of the reasons for the big price increase is that we continue to have a shortage of homes for sale, and that’s pushing prices up for those relatively few listings that are on the market. Traditionally we start to see more inventory come online after the Super Bowl, so it will be interesting to see what happens in the coming weeks.”
Inventory in the tri-county region tumbled 32 percent in January to 3,484 listings from 5,090 listings in January 2015.
Sacramento County recorded a 3 percent increase in home sales last month with 1,025 properties changing hands, up from 999 during the same month a year ago. The median sale price reached $273,000, up 11 percent from last year. Inventory plummeted 36 percent to 2,064 listings.
Placer County home sales jumped 9 percent year over year with 344 sales in January, up from 316 last year. The median sale price in the county reached $400,000, up 11 percent from the $361,000 in January 2015. Inventory of homes for sale fell 27 percent to 865 listings.
Some other key findings from the Coldwell Banker Residential Brokerage Sacramento Regional Housing Report for last month:
- Sales in the tri-county area in January were off 37 percent from December, although a seasonal drop from December to January is normal since many buyers try to close escrow before year-end;
- Over the past 12 months, sales in the tri-county region are up 12 percent compared to the same period the previous year with 28,519 transactions;
- The median sale price in the region over the past 12 months is $315,000, up 9 percent from $290,000 during the comparable period the previous year;
- The inventory of homes for sale in January was the lowest it has been in more than three years. Lists stand at less than half of where they were last summer.
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.