Business & Real Estate

Sacramento County housing market sees annual gains across the board

Sacramento County’s housing market saw year-over-year gains in all major sectors in February, according to home sales totals released Thursday by Irvine-based researcher CoreLogic.

Sales of existing homes in Sacramento County totaled 1,301 last month, up 9.2 percent from 1,191 in February 2015. The median sales price of existing homes in February was $280,000, up 5.7 percent from $265,000 in the same month in 2015. CoreLogic said the $280,000 median matched the county’s high-water mark posted multiple times since November 2007.

The latest numbers were still far less than peak levels seen in the pre-recession housing boom. For perspective, the countywide median resale price in August 2005 was $372,000.

The median is the point at which half the homes cost more and half cost less.

Among all homes – including new and resale homes and condos – Sacramento County sales in February totaled 1,615, up 10.5 percent from 1,461 in the year-ago period. The median sales price among all homes was $283,100, up nearly 5 percent from $270,000 in February 2015.

It was the county’s best February showing in three years, and a possible sign of a strong area market that some analysts are predicting for all of 2016.

“It has been a fairly strong start to 2016, stronger than last year,” said CoreLogic analyst Andrew LePage. “That certainly suggests that spring has a lot of potential, with the caveat that we’re going to need more inventory to support higher sales levels.”

Earlier this week, Sacramento’s Lyon Real Estate reported robust sales activity throughout the greater Sacramento region last month, but February ended with 3,156 homes active and available for sale, the lowest number in more than three years.

 

There were 163 new home sales in Sacramento County last month, up 13.2 percent from 144 in February 2015. The median sales price of new homes closing in February was $392,500, down 2.2 percent from $401,250 in February last year.

On a percentage basis of all homes sold from February 2015 to February this year, Sacramento County’s 10.5 percent growth outpaced the Bay Area and Southern California.

CoreLogic said 4,853 new and existing houses and condominiums sold in the nine-county Bay Area last month, up only 0.4 percent from 4,833 in February 2015.

In the six-county Southern California region, 15,373 new and previously owned houses and condominiums sold in February, a 9.1 increase from 14,096 in February 2015.

Mark Glover: 916-321-1184, @markhglover

Capital region February 2016 home sales

Data for closed escrows each month. New homes data are for detached houses and condos combined.

Resale detached

SALES Jan-16

Yr/yr % chng

MEDIAN PRICE Jan-16

Yr/yr % chng

Amador

45

9.8%

$245,000

2.5%

El Dorado

196

2.6%

$369,000

14.9%

Nevada

127

24.5%

$365,000

10.6%

Placer

414

-0.7%

$410,000

14.0%

Sacramento

1,301

9.2%

$280,000

5.7%

Sutter

66

-14.3%

$228,250

15.6%

Yolo

110

-3.5%

$355,000

1.4%

Yuba

82

-3.5%

$225,000

10.6%

Resale condos

Amador

n/a

n/a

n/a

n/a

El Dorado

7

n/a

$174,100

n/a

Nevada

7

75.0%

$299,000

-9.9%

Placer

39

18.2%

$211,000

-14.2%

Sacramento

151

19.8%

$175,500

21.0%

Sutter

4

0.0%

$102,000

106.1%

Yolo

7

250.0%

$195,000

30.0%

Yuba

0

n/a

n/a

n/a

New homes

Amador

0

n/a

n/a

n/a

El Dorado

27

80.0%

$554,500

8.1%

Nevada

12

140.0%

$419,500

222.7%

Placer

112

31.8%

$447,000

2.3%

Sacramento

163

13.2%

$392,500

-2.2%

Sutter

4

100.0%

$507,500

74.1%

Yolo

14

-22.2%

$453,750

6.6%

Yuba

9

125.0%

$329,000

12.5%

All homes

Amador

45

7.1%

$245,000

3.9%

El Dorado

230

11.7%

$407,250

20.7%

Nevada

146

31.5%

$376,000

13.9%

Placer

565

5.6%

$410,300

11.5%

Sacramento

1,615

10.5%

$283,100

4.9%

Sutter

74

-10.8%

$228,250

20.1%

Yolo

131

-2.2%

$359,750

-2.8%

Yuba

91

1.1%

$231,000

10.0%

Note: Amador County resale detached stats include resale condos (the county does not break them out separately).

Source: CoreLogic

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