Shrinking inventory, rising sale prices and strong buyer demand continued to dominate the greater Sacramento area housing market in November, according to two new reports from regional real estate brokers.
Sacramento’s Lyon Real Estate said only 3,592 homes were active and available for sale throughout the region at the close of November. That’s down 18 percent from October and 11 percent below what Lyon reported at the end of November 2015.
The measure of inventory takes in Sacramento, Placer, El Dorado and Yolo counties. Lyon’s report is based on data from the Sacramento-based real estate tracking firm Trendgraphix Inc.
Lyon said market demand, measured by the rate of new pending sales, reflected only 1.6 months of remaining home supply on Dec. 1.
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Buyer demand for what’s available remains fairly brisk, pushing prices upward.
Lyon said 2,242 resale homes went under contract as pending sales last month, up 12 percent over November 2015, while 2,160 were posted as sold and closed, up 14 percent from last year. Officials said recent sales of higher-end homes have been particularly strong.
Lyon said the median sales price of $356,000 in the region in November was up 8 percent from last year.
Meanwhile, on Friday, the regional office of Coldwell Banker Residential Brokerage said that despite low inventory, single-family home sales in Sacramento, El Dorado and Placer counties surged in November, compared with year-ago totals. Sale prices likewise spiked, according to Multiple Listing Service data.
Coldwell said sales in the tri-county region last month totaled 2,268, up 18 percent over November 2015. Placer County led the way with a 22 percent surge; both Sacramento and El Dorado counties saw a 16 percent rise.
The median sale price in the tri-county area in November was $345,000, up about 10 percent from $315,000 a year ago. Sacramento County saw a 10 percent annual increase to $310,000, El Dorado had a 9 percent rise to $430,000 and Placer County rose 8 percent to $420,000.