The greater Sacramento residential real estate market got off to a good start in January, according to the latest monthly report by Lyon Real Estate.
Lyon said Thursday that new pending sales in the four-county region jumped 17 percent after dipping slightly in December. Despite numerous days of rain last month, the 1,972 new escrows also marked a 4 percent increase over January 2016.
Data for Sacramento, Placer, El Dorado and Yolo counties were compiled by Sacramento-based Trendgraphix Inc.
The report said 2,182 new listings hit the greater Sacramento area market last month. Lyon noted that a relatively high level of buyer demand, combined with seasonally low listing activity over the past few months, kept standing inventory at its lowest level since March 2013.
Lyon said Sacramento, Placer and Yolo counties all ended January with less than 1.5 months of available inventory, based upon the rate of sales. El Dorado County ended last month with 2.5 months of inventory, which Lyon characterized as a very strong seller’s position by historical standards.
The region’s median price for closed sales in January was $340,000, the lowest since March last year and the continuation of a seasonal slide since a peak median of $367,000 last June.
“Sales activity in the move-up and upper-end price points typically softens over the winter months and places downward pressure on median and average sales prices. You can surely expect a rebound very soon,” said Pat Shea, Lyon president.
Shea said the region’s relatively stable median sales prices and a likely influx of new inventory this spring “will keep the market very competitive in 2017.”