Sacramento, CA – May 9, 2013 – “Our market run will not end anytime soon,” according to Pat Shea, President and COO of Lyon Real Estate. “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.” Shea notes that the market has been highly strengthened through buyers that have both cash and traditional loans invested in their homes.
Shea reports that 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 he adds that “the $750,000 and over market continues to move with 79 new sales in April versus 22 in December.” Shea believes stability is certain as “defaults and foreclosures have dropped precipitously in our market with non-distressed properties representing 80% of current active listings.” He cites data 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,” said Shea. “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.” Shea encourages all prospective home sellers and buyers tolook forward. “The concept of recovery is swiftly becoming obsolete, we’re already there,” said Shea. “Prices and interest rates will rise, it’s inevitable. So, he says, “Do everything possible right now, to secure the home and neighborhood of your dreams while the values remain extraordinary.” Lyon Real Estate is the largest brokerage in the Greater Sacramento Valley and Foothills, serving the Greater Sacramento Area for six decades,spanning a two-generation history. Lyon Real Estate has over 900 agents in 17 offices throughout the five-county region. About Trendgraphix, Inc. Trendgraphix, Inc. is a real estate reporting company based in Sacramento that uses local MLS data to provide highly-visual market statistical graphs to real estate brokers, agents, and MLS/Realtor associations across the USA. Trendgraphix's programs are currently used by tens of thousands of agents in more than 100 brokerages in 18 U.S. states. For more information visit www.TrendGraphix.com.
Below are the normal market numbers I create each month for my own use in working with clients in San Francisco.
On Monday I attended our annual Alain Pinel Realtors “Ignite” Conference in San Francisco. One of the speakers was Chris Harney, Founder and President of Keeping Current Matters an information service for the real estate industry. Part of his message to us included the observation that the Case-Schiller Index for San Francisco has home prices in December falling to 2002 price levels. Coupled with historic low interest rates, what it basically boils down to is as he said, “Folks there is a sale going on in real estate!”
This is especially true in San Francisco. Our inventory of homes is as low as we have ever seen it. Property priced within a market selling range sell quickly, banks have streamlined the short-sale process so those inventories are being reduced too. San Francisco rental rates remain high and inventory is also low there too, putting even more buyers in the market as it is often now cheaper to buy than rent. If you are a buyer it means that now is the time to buy because you can expect home prices to begin moving up later in the year. Now is the time to buy, because as Steve said to us, “There’s a sale going on here!”
San Francisco Market Data as of Wednesday, February 29, 2012 Currently there are 214 Single Family Homes and 394 Condos/TIC/Lofts and 99 2-4 units listed for sale on the Multiple Listing Service in San Francisco in Districts 1-9.
Last 29 Days:
109 Single Family Homes sold after an average of 60 days on the market.
Average Listing Price was $1,318,523
Average Selling Price was $1,290,653
134 Condo/T.I.C/Loft sold after an average of 92 days on the market.
Average Listing Price was $777,565
Average Selling Price was $774,699
30 2-4 Unit Buildings sold after an average of 89 days on the market
Average Listing Price was $1,277,733
Average Selling Price was $1,205,455
Same 29 day period one year ago:
81 Single Family Homes sold after an average of 82 days on the market.
Average Listing Price was $970,100
Average Selling Price was $950,321
165 Condos/TIC/Lofts sold after an average of 86 days on the market.
Average Listing Price was $693,050
Average Selling Price was $676,687
21 2-4 Unit Buildings sold after an average of 97 days on the market
Average Listing Price was $1,384,786
Average Selling Price was $1,361,910
The information is based on: A 3 bedroom 2 bath home of approximately 1,581 sq ft., a 2 bedroom 1.5 bathroom Condo of approximately 1,193 sq ft. and a 2-4 unit building of approximately 2,911 sq ft.
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