Last year at this time, home sales throughout the Greater Sacramento region started off on a red-hot pace that never eased up until year-end. That extraordinary market momentum ultimately produced record-setting sales figures and price appreciation in spite of conservative mortgage loan programs and financing guidelines.
“This year could very well be off to the same start,” says Pat Shea, President and CEO of Lyon Real Estate.
Specifically, 5,345 homes closed escrow in the first quarter, which was only 4 percent fewer than in 2021. New open escrows for the quarter fell within 2 percent of last year’s reported numbers. Despite news of persistent buyer demand, year-to-date new listings entering the market are still somewhat subdued and tracking 3 percent lower than 2021. These combined sales metrics have once again left a paltry 15 days of inventory currently available on the open market.
The average sales price for homes that closed in the first quarter rested at $661,000. This metric was up more than 16 percent year over year and naturally, set another market high. Sellers received approximately 102 percent of original list price and were on the market an average of only 20 days.
“These numbers are extreme for Greater Sacramento and are due to the endless number of buyers ready, willing and able to compete in an environment where multiple offers remain pervasive,” says Shea.
“The vital signs for continued market momentum are clear and undeniable if you look at March alone,” adds Shea. “Closed sales were up 28 percent and new open escrows up 32 percent for the month when compared to February. New listings entering the market however, jumped only 16 percent, and there lies the challenge.”
Shea offers that: “Most market analysts expect that home sales will remain very strong this year throughout Greater Sacramento with typical seasonality likely to surface again at year-end. Many prospective sellers have been reluctant to take action until they find a way to purchase prior to listing their home. A reputable real estate professional can present both equity bridge solutions and financing bridge solutions to help solve that problem. It would be a very good path to explore before rates climb too much higher."
"My team is ready to assist both buyers and sellers navigate through this current market!" Rob Baxley- 916-208-3896 - Rob@RobBaxley.com - RobBaxley.com
No comments:
Post a Comment