Low inventory of homes on the market continued to drive up sale prices in the greater Sacramento area last month with the median sale price in the three-county region jumping 9 percent from a year ago.
The figures are based on Multiple Listing Service data of all single-family homes sold in Sacramento, El Dorado and Placer counties last month.
The median sale price in the tri-county area in September was $340,000, up 9 percent from the $312,000 median in September 2015. Placer County led the way with a 12 percent median sale price increase last month, climbing to $425,000. Sacramento County was close behind with an 11 percent increase year over year to $310,000. And El Dorado County recorded a 2 percent rise to $419,000.
Meanwhile, home sales in the tri-county region struggled, due largely to a shortage of listings on the market. Sales were down a fraction of a percent with 2,564 properties changing hands last month. El Dorado County recorded a 2 percent increase in sales, while Sacramento County sales were up fractionally and Placer County saw a 3 percent drop in sales.
“The greater Sacramento area’s housing market continues to be a seller’s market with a shortage of inventory pushing prices up faster than many other regions in the country,” said Mike James, president of Coldwell Banker Residential Brokerage. “Listings were down 16 percent last month from a year ago, and continue to be well below normal levels.”
James said demand for housing in the tri-county region remains very strong, thanks to a solid local job market, a stable economy and a continuing influx of people migrating from the more expensive Bay Area markets. “As long as those factors continue, there really isn’t any sign of demand for homes cooling off,” he said.
Some other key findings from the Coldwell Banker Residential Brokerage Sacramento Regional Housing Report for last month:
- Year-to-date home sales in the tri-county area through September totaled 21,729, up fractionally from the 21,667 transactions during the nine months of 2015;
- Although the median sale price in the tri-county area rose 9 percent year over year, it was down 1 percent month over month compared to August 2016;
- Sales over the past 12 months in the tri-county area rose 2 percent to 28,503 units compared to the previous 12 months;
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.