Sales of residential properties and the median sales price in the Greater Sacramento area increased during the month of January compared to the same month in 2016, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading provider of real estate services.
A total of 1,646 single-family homes, condos, townhouses and multi-family properties sold in El Dorado, Sacramento and Placer Counties in January, up 5.8 from 1,555 a year earlier. January’s sales were down 32 percent from 2,417 in December 2016.
The median price for properties sold in the tri-county region in January climbed 5.8 percent to $328,000 from $310,000 in January 2016 and was off 2 percent from the $335,000 median price recorded in December 2016. The statistics are based on sales of all residential property types in Sacramento, El Dorado and Placer counties recorded by the Multiple Listing Service.
“The housing market in greater Sacramento got off to a fairly solid start with property sales and prices on the rise compared to a year ago. However, one challenge is the decline in inventory,” said Mike James, president of Coldwell Banker Residential Brokerage. “January’s active inventory was 27 percent lower than a year ago and was also down 9 percent from the prior month. In January, there were 2,914 active listings, that’s down from 3,968 listings during the same month in 2016 and 5,092 listings in 2015. The restricted supply, coupled with strong demand, is pushing prices up and resulting in heated competition for some properties.”
El Dorado County saw the biggest year-over-year sales gain. A total of 179 properties traded during the month, representing a 20 percent increase from the 149 sales posted in January 2016. Meanwhile, January’s median sales price of $405,000 remained unchanged from the prior year.
In Sacramento County, property sales climbed 10 percent in January to 1,158 from 1,053 a year earlier. The median sales price rose 9.5 percent to $298,000 from $272,000 in January 2016.
Placer County was the only county in the tri-county region to experience a year-over-year decline in home sales. Home sales in Placer County fell 12.5 percent to 309 transactions recorded in January compared to 353 in January 2016. However, the median sales price for properties sold in Placer County in January inched up 4.8 percent to $417,000 from $398,000 the prior year.
Here are some other key finding from the Coldwell Banker Residential Brokerage Sacramento Regional Housing Report:
- Sales in all three counties in January were below December levels
- El Dorado County property sales in January were off 23 percent from December, when 233 unit sales were recorded; the median sales price dipped 5 percent from $425,000 in December
- Placer County unit sales in January tumbled 41 percent from December when there were 524 sales, but the median sales price remained virtually unchanged at $417,000 compared to $419,000
- January property sales in Sacramento County were down 30 percent from December’s level of 1,660; the median sales price experienced a more modest decline of 1 percent month-over-month to $298,000 compared to $302,000 in December 2016.
Coldwell Banker Residential Brokerage serves Sacramento, Placer and El Dorado counties with nearly 800 affiliated sales associates in 12 offices.