Unlike the rest of the nation, Sacramento is one of the top markets in country, rebounding!
This is a Press Release Just Release... (from Pat Shea - Lyon Real Estate COO).
10 STRAIGHT MONTHS OF AVERAGE SALES PRICE INCREASES IN
SACRAMENTO REAL ESTATE
Sacramento, Calif. â€“ Nov. 7, 2012 â€“ The average sales price for homes on the market in the
Sacramento area hovered at $211,000 in January, yet are closing out October at a much
healthier $254,000, enjoying a robust 20 percent increase.
The median price jumped from $180,000 to $219,000 (21 percent) over the same period.
â€œThe Greater Sacramento market is absolutely revived and on the rise, said Lyon Real Estate
President and COO Pat Shea. â€œExpect continued market appreciation and solid sales numbers
through the winter months and beyond. Key economic indicators reflect sustained evidence that
prices have bounced off the bottom in Sacramento while interest rates remain extraordinary.
There is a steady stream of people searching for a place to call home and likewise, investors
who want to make money. Both groups are aggressively competing to find what they are
looking for in our market.â€
The actual breakdown of sold units, pending sales and active listings in Sacramento, Placer,
El Dorado and Yolo counties supports the forecast. According to Trendgraphix, a Sacramento
based data aggregator, 2,488 closings were reported in the four county area for October.
Fifty-five percent were recognized as traditional or equity sales. Thirty-three percent were
identified as Short Sales and 11 percent REO or â€œbank ownedâ€ properties. New listings came in
at 63 percent for equity, 24 percent for short and 11 percent REO.
The shift from distressed property transactions toward move-up, or discretionary sales, appears
in other areas. Trendgraphix reflects that October sales in the $250,000-$400,000 range were
40 percent higher than October of 2011. New open escrows were 45 percent higher in the same
comparison. Upper end, the $750,000 and above market, is starting to flex as well. October
2012 revealed a 110 percent improvement over October 2011 in closed sales and a 31 percent
change in new open escrows.