Sacramento, CA – May 9, 2013 – Our market run will not end anytime soon. Affordability is at a 30 year high, house payments are half of what they were at the peak and continued low interest rates all spell stability and growth in Greater Sacramento real estate. The market has been highly strengthened through buyers that have both cash and traditional loans invested in their homes.
All price points continue to experience steady month over month increases in both new and closed sales. Specifically, 3009 pended sales in April reflect a 77% increase over new sales posted in December and the $750,000 and over market continues to move with 79 new sales in April versus 22 in December.
Stability is certain as defaults and foreclosures have dropped precipitously in our market with non-distressed properties representing 80% of current active listings. Data is provided by Trendgraphix, a real estate reporting company based in Sacramento.
An adequate supply of homes has been a 2013 concern throughout the region with an apparent demise of the fabled shadow inventory. April closed with a 13% higher active listing count over March 2013. More importantly, the 31% increase in average sales price year over year has provided appreciation in all neighborhoods that is enabling formerly upside down homeowners to make their next move.
I encourage all prospective home sellers and buyers to look forward and take advantage of this opportunity of low, low interest rates as it lasts! Prices and interest rates will rise, it’s inevitable. So do everything possible right now, to secure the home and neighborhood of your dreams while the values remain extraordinary.