Only 4,828 homes were active and available for sale throughout the greater Sacramento region on Sept. 30, according to a new report by Lyon Real Estate.
The measure of resale 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.
At the close of this year’s third quarter, Lyon said properties available on the regional market were down 7 percent compared with the same time last year.
$340,000The median price of all single family homes in Sacramento, El Dorado and Placer counties in September
At the same time, Lyon noted, buyer demand remains robust. Open escrows finished the third quarter up 7 percent over 2015, and up 17 percent over August this year.
The combination of low inventory and high buyer demand drove prices up early in the year, but Lyon said prices have stabilized of late.
Lyon said the median price of resale homes throughout the region has been $357,000 for the past three months, but that’s up 9 percent from the third quarter of 2015.
Meanwhile, on Friday, the regional office of Coldwell Banker Residential Brokerage said low inventory had driven up home sale prices in a three-county area of Sacramento by 9 percent year over year.
Coldwell said the median sale price of all single-family homes in Sacramento, El Dorado and Placer counties in September was $340,000 compared with $312,000 in September 2015. The figures are based on Multiple Listing Service data.
Placer County led the way with a 12 percent median sale price increase last month, climbing to $425,000. Sacramento County saw an 11 percent increase year over year to $310,000. El Dorado County recorded a 2 percent rise to $419,000.
Coldwell said home sales in the tri-county region struggled, due largely to the shortage of listings on the market. The brokerage said 2,564 properties changed hands last month. Of that, El Dorado County saw a 2 percent annual increase in sales, compared with September 2015. Sacramento County sales were up fractionally, and Placer County had a 3 percent decline.
“The greater Sacramento area’s housing market continues to be a seller’s market with a shortage of inventory pushing prices up faster than many other regions in the country,” said Mike James, president of the regional Coldwell Banker office. “Listings were down 16 percent last month from a year ago and continue to be well below normal levels.”
James added that demand for housing in the tri-county region remains strong. He cited a solid local job market, a stable economy and a continuing influx of people migrating from the more expensive Bay Area markets.
“As long as those factors continue, there really isn’t any sign of demand for homes cooling off,” he said.