Home sales climbed a modest 1.9 percent in the greater Sacramento area in 2016 while the median sales price rose 8.6 percent year over year, according to Coldwell Banker Residential Brokerage.
Coldwell said 28,986 properties were sold in Sacramento, El Dorado and Placer counties last year, up from 28,450 in 2015. Area housing prices are expected to be among the nation’s highest this year, according to Realtor.com.
The median price for properties sold in the tri-county region in 2016 increased to $340,000, up from $313,000 in 2015.
Sacramento County’s median shot up 10.5 percent to $305,000 in 2016, up from $276,000 in 2015
The Multiple Listing Service statistics are based on sales of all property types, including single-family homes, condominiums, townhouses and multifamily properties.
Sacramento County home sales increased by just 2 percent in 2016, with 19,679 sales up from 19,292 the prior year.
The most significant challenge facing the greater Sacramento housing market in 2016 was limited inventory.
Mike James, president of the regional Coldwell Banker office
The biggest annual jump in home sales occurred in El Dorado County, which ended 2016 with 2,828 sales, a 6.2 percent increase from 2,662 in 2015.
Sacramento and Placer counties saw significant increases in year-over-year median sales prices. Sacramento County’s median shot up 10.5 percent to $305,000 in 2016, up from $276,000 in 2015. Placer County’s median rose 9 percent, to $420,000 from $385,000.
Officials characterized 2016 as a year of relatively high consumer interest in a market of comparatively few available homes.
“The most significant challenge facing the greater Sacramento housing market in 2016 was limited inventory,” said Mike James, president of the regional Coldwell Banker office. “December illustrated the shortage of homes available for sale. Inventory in December was off by 25 percent, making the market much more advantageous for home sellers.