HOME BUYERS STAY BUSY IN GREATER SACRAMENTO
New open escrows increase 15% versus October 2016
(SACRAMENTO, CA) – During the month of October, 2,692 resale homes went under contract across the Greater Sacramento region. That figure reflected a 12 percent increase over September and a 15 percent increase compared to October of 2016. “Buyers just keep coming out of the woodwork,” says Pat Shea, president of Lyon Real Estate. “Consumer confidence remains strong, interest rates remain favorable and Greater Sacramento remains affordable.”
The number of active and available homes for sale however, dropped 5 percent since September and ended the month 2 percent below October of last year. This leaves market potential over the next few months somewhat in question, with just 1.6 months of inventory available market-wide based upon the rapid rate of pending sales. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
The $750,000 and above price point remained remarkably busy over the past 3 months, with 492 properties placed under contract as new pending sales, a 41 percent jump versus the same period last year. Over the same timeframe, 447 properties were posted as sold and closed, marking a 29 percent increase. Available inventory in the price range is now at 4.2 months of supply based upon the rate of new open sales. It is also currently at the lowest point since May. Entry level and move-up price points maintained their yearlong frenzy as well.
The consistently scarce condominium segment was left with just 228 properties available for sale at the end of October. This represents approximately one month of inventory available based upon the current rate of pending sales. The average sales price for the month was $236,000 compared to $224,000 in October of 2016. The average number of days on the market was 21.
“Anyone considering buying, moving up, downsizing or changing locations should think about it right now,” says Shea. “The average sales price for the region has floated around $430,000 over the past 3 months, 9 percent higher than last year. We can never be certain of what changes the New Year may bring. Property prices, mortgage interest rates and personal income tax changes could all impact home buyer willingness and ability.”
HOME PRICES RISING PERSISTENTLY IN TIGHT MARKET
June’s median price up 9% compared to 2016
(SACRAMENTO, CA) – The number of new listings entering the housing market just cannot keep pace with insatiable buyer demand throughout the entire 4-county Greater Sacramento region. Standing inventory at June 30th rested at 4,014 homes active and available for sale, 15 percent below the same time last year. Meanwhile, a total of 8,708 new open escrows were posted during April, May, and June, representing a 5 percent increase over the second quarter of 2016. This market information is presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
The median price for closed escrows in the month of June hit a recent milestone of $400,000. August of 2006 was the last time the region enjoyed that number, and the market was surely moving in a different direction with the impending great recession. The four-county region was staring at an astounding 15,437 homes for sale on the market at that time.
“The elevated home values across our region have led to significant increases in owner equity. Fortunately, the financial benefits are constructed on a solid foundation of more stringent loan programs and years of record low mortgage rates,” says Pat Shea, president of Lyon Real Estate. “Stability is further strengthened by the number of cash buyers prevalent over the past several years.”
The lack of entry level housing has become a major challenge throughout the state of California, and Greater Sacramento is no longer an exception. The steady growth in our local economy and relative affordability compared to the San Francisco Bay Area continue to attract more buyers.
Houses selling at less than the recent median price of $400,000 are scarce, as the number of available properties below that figure on the market in the four-county area shows: Sacramento 965, El Dorado 212, Placer 162 and Yolo 67.
Shea states, “the move-up market -- homes priced between $400,000 and $750,000 -- does offer some potential with 1.5 months of available inventory based upon the current rate of sales. More choices are also available for prospective buyers in this price range, courtesy of new construction opportunities. Steady move-up activity remains absolutely mission critical for our region to offer the prospect of home ownership for first time and returning buyers in the entry-level.”
Sacramento, emerging from Bay Area’s shadow, becoming booming urban alternative
A once-sleepy state capital is now the state’s fastest-growing big city
Few people would characterize basketball commentator and former player Charles Barkley as a restrained public speaker. So when he told a local Sacramento news reporter in 2008 that the state’s capital was still a “cow town,” it seemed sure to be brushed off as another example of blunt talk.
But that comment stung many Sacramentans (some of whom, in interviews for this story last week, brought it up unsolicited). California’s capital has always been looked down upon by the coastal urban elite, viewed as a country cousin with little to offer except office space for the state government.
But a decade after Sir Charles’s pronouncement, the city is experiencing a real estate boom and urban renaissance that’s hard to miss. In fact, if Barkley came back to town for an NBA game—now held at the cutting-edge new Golden 1 Center, home of the Sacramento Kings and arguably the country’s most high-tech venue—he’d be at the center of a renewed downtown gleaming after more than a billion dollars of reinvestment over the last decade.
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Bay Area residents are flooding Sacramento. What's it really like living there?
By Michelle Robertson and Alix Martichoux, SFGATE
Monday, June 26, 2017
“I lived in a Victorian, four blocks from work, one block from a grocery store and next door to a wine shop and bar,” said Briana Mullen of her first room in midtown Sacramento. Mullen spent the first 22 years of her life in the Bay Area, having grown up in Concord before attending UC Berkeley. Upon graduation, she moved to Sacramento for a job in the state superintendent’s office. “Everyone at Berkeley was really skeptical of the move,” she said. Two years later, Mullen is still in Sacramento, and she considers herself somewhat of an ambassador for the city that many of her Bay Area friends consider a “cow town.”
Why did she uproot from her dreamy midtown digs? “I just bought a house,” the 25-year-old said. “And my mortgage is only a couple hundred dollars more than my apartment’s rent.” When asking people why they left the Bay Area for Sacramento, the stories can begin to blend together.
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NEW LISTINGS QUICKLY DRIVE SALES FOR HOUSING MARKET
May’s new open escrows jump 25%
(SACRAMENTO, CA) – Voracious buyer demand throughout the entire 4-county Greater Sacramento region is maintaining a tight squeeze on the peak selling season for our housing market. At the end of May, 3,547 homes were left active and available for sale. Even though this marked a 12 percent increase over April’s standing inventory, the resale housing stock remains 17 percent below last year at this time.
The seasonal influx of new listings entering the market during May were rapidly consumed by a 25 percent month-over-month surge in open escrows. The region is now left once again with slightly more than one month of active and available homes for a steady stream of eager buyers. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
As is typical, Placer County saw the highest average list price at $755,000 and the highest average sold price at $507,000. There were 647 closed sales in Placer during the month of May. Nearly 20 percent of the available listings were in the luxury price point of $900,000 and above yet fewer than 5 percent of the closed sales occurred in that price range. Below $900,000 the Placer market remains very tight.
Sacramento County logged 1,618 closed sales with the lowest average sales price for the region at $383,000. Even though 2,202 new properties entered the market in May, the more favorable price point and highest buyer demand led to 2,002 new open escrows. Standing inventory for the county rested at 1,761 homes active and available at month-end.
El Dorado and Yolo Counties experienced $520,000 and $509,000 average sales prices respectively. El Dorado County closed 252 properties and had the highest remaining inventory at 2.1 months based upon the current rate of pending sales. Yolo County logged 186 closed sales for the month and had 245 homes available for sale or 1.1 months of inventory, at month end.
The news around affordability, growth and development for Greater Sacramento continues to fuel Northern California and national media outlets,” says Pat Shea, president of Lyon Real Estate. “Even with the prospect of upward pressure on mortgage rates later this year, look for this to be a summer to remember for home sellers and buyers throughout our region.”
NEW LISTINGS OFFER SOME RELIEF FOR AREA HOME BUYERS
The region’s average sales price reaches $416,000 in April
The Greater Sacramento Region gratefully enjoyed its best two months of new listing inventory since August and September of last year. In March, 3,343 homes were placed on the market, followed by another 3,178 in April. The 3,175 active and available homes for sale at month end also reflected the highest standing inventory level since November. This market information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Buyer demand through new pending sales however, kept significant pressure on the market with 2,850 open escrows in April. This marked the most for any one month since May of 2016. The increased pending sales data also followed a similarly strong, 2,181 open escrow count for March. These metrics produced the third consecutive month of upward price pressure culminating with a $375,000 median price for closed escrows in April, a 7 percent increase over last year. The average sales price topped the $400,000 price point for the past two months finishing April sales at $416,000.
Entry level housing continued to evaporate as there was less than one month of inventory, 1,101 properties available throughout the region below $400,000 by month end. This is 27 percent less than April of 2016. To further the point, 1,581 new listings entered the market in that price range during April and the exact same number were placed under contract.
The move-up market, is now gravitating more toward the $400,000 to $750,000 price range due to the recently elevated median and average sales prices. There were 1,407 listings available at month end, yet only 1.3 months of supply based upon the rapid rate of new pending sales.
Inventory in the upper-end, specifically $750,000 and above, experienced two consecutive months of more than 300 new listings. This seasonal listing activity jump left a healthier 667 homes available for sale in the price range on April 30th. New open escrows however, reached 163 units in March and 184 for April. Both qualified as the highest months since spring of 2007.
“Our protracted inventory struggle and relentless buyer demand continue to place upward pressure on all price points,” says Pat Shea, president of Lyon Real Estate. “The median sales price fluctuated between $355,000 and $359,000 for 8 straight months ending February and now has quickly risen to $375,000. Inman news recently reported that 20 percent of all San Francisco Bay area residents are looking to relocate. Locals should buy and move-up sellers should act, while favorable interest rates and relative affordability provide the opportunity.”
GREATER SACRAMENTO HOME SALES REMAIN SOLID
New pending sales up 13 percent from March of 2016
(SACRAMENTO, CA) – During the month of March, 2,064 homes closed escrow throughout the Greater Sacramento region. This marked a notable 32 percent increase when compared to February and signaled a spring surge is under way. Closed sales however, still fell 10 percent short of March, 2016 according to market information provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Momentum in the market continued to grow as 2,887 new open escrows for the month were a staggering 49 percent higher than February numbers and 13 percent higher than March of last year. The entire first quarter actually looked quite similar to the start of 2015 and 2016 in spite of very tight inventory. The 5,298 closed sales logged for the first quarter were less than 4 percent lower and the 6,577 pending sales reported were less than 3 percent off what were almost identical first quarter postings from the prior two years.
“Sparse inventory continues to hold weary buyers hostage as multiple offers are common in most market areas and price points,” says Pat Shea, president of Lyon Real Estate. At the end of last month, 2,800 homes were active and available for sale; 20 percent fewer than March 31st of 2016 and 33 percent fewer than March 31st of 2015.
The high rate of sales and low inventory combination pushed the median sales price for the month of March to $365,000. The median hit a recent peak of $367,000 last June before softening during the fall and winter months. Other than these two months, the median had not reached this price level since August of 2007. Homes that closed escrow during the month were on the market an average of 37 days and netted 99 percent of their original list price.
Shea states that “it is clearly an amazing time for sellers to make their move with inventory in every price point historically low and their odds of selling historically high. 30-year fixed mortgage interest rates are still hovering in the 4 percent range so you can expect these trends to continue through the spring and summer home selling season.”
GREATER SACRAMENTO NEEDS MORE HOMES TO SELL
Every price range seeing record lows of available inventory
(SACRAMENTO, CA) – Potential home sellers in Greater Sacramento real estate market face a golden opportunity to make their move in 2017. Buyers are snapping up homes at a rapid pace and seeing records lows for available inventory in all price points. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
Market-wide, inventory at the end of February was down to 2,554 homes active and available for sale. This number was 20 percent lower than one year ago and 37 percent lower than February of 2015. There is currently less than one month of inventory below $350,000 across the entire region. The current move up market -- homes priced between $350,000 and $750,000 -- isn’t much better, with only 1.3 months of inventory. Homes priced above $750,000 have fluctuated between 5-7 months of stock in this hot market era but dropped to 4 months by the end of February.
The number of properties available for sale however, is only one metric in the equation. The current rate of new pending sales is the other and currently, this is significant. Below $350,000, February saw 972 new pending sales, an 11 percent increase in sales compared to January. This was a 21 percent decrease compared to February of 2016, which is clearly due to the lack of available listings. The move-up market placed 1,025 homes into escrow last month which represented a 22 percent increase compared to January and a 9 percent increase versus February, 2016.
Properties above $750,000 across the region have joined the race as last month there were 121 new pending sales. This was more than double the number posted in January and 17 percent greater than February of last year. It was also the highest count since July.
All of these factors helped push the median price for February to $356,000, the highest since November. The median rested at $330,000 last year at this time and $320,000 in February of 2015.
“You probably have heard this a number of times,” says Pat Shea, president of Lyon Real Estate, “but right now is absolutely the best time for sellers to place their homes on the market. The beauty of spring is upon us and the Greater Sacramento Real Estate market is in full bloom. You will get your highest and best contract while making your move more swiftly and easily.”
RESALE HOUSING SHORTAGE IN GREATER SACRAMENTO
Lowest inventory in 20 years for a normal, equity sale market
(SACRAMENTO, CA) – A record low 2,804 homes were left active and available for sale throughout the Greater Sacramento Region on December 31st as buyers remained very busy through the holiday season. The year-end inventory figure reflected 13 percent fewer properties available compared to this time last year and a 44 percent drop since July. It also marked the lowest resale inventory level in over 20 years outside of the distressed era when foreclosures, short sales and flippers were the norm.
Buyers showed their enthusiasm throughout the region at year end, as positive local economic news continued around the job market and affordability in spite of a small bump in mortgage interest rates. Closed escrows in the 4th quarter finished 4 percent higher than an already strong 4th quarter of 2015. New open escrows were 5 percent above last year for the quarter but more importantly, 18 percent higher in December versus last year. Realtor.com, Zillow and other national forecasters have labeled Greater Sacramento as one of the hottest housing markets in the nation heading into 2017. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
Regardless of the high volume of sales, the average sales price for the region has stabilized and averaged $394,000 for the past 6 months compared to $364,000 last year over the same time frame. This represents an approximate 9 percent increase compared to this time last year and demonstrates that all price points remain consistently active in the market.
Sacramento County continued to see the most activity, with 63 percent of the region’s sales in December and 53 percent of the remaining inventory. Placer County followed as typical, with 21 percent of the sales and 25 percent of the residual inventory. El Dorado and Yolo Counties trailed with 10 percent and 6 percent respectively of December sales as well as 15 percent and 7 percent of the remaining homes for sale. The average sales prices by county were: Sacramento $344,000, Placer $479,000, El Dorado $464,000 and Yolo $448,000.
“No seller should delay if they want to get their best offer into contract in the near future,” says Pat Shea, president of Lyon Real Estate. “Their competition is low and buyers are very eager to get a piece of the New California Dream - an excellent home value in Greater Sacramento.”
HOUSING INVENTORY TUMBLES IN GREATER SACRAMENTO
11% fewer homes available for sale versus November 2015
December 12, 2016
The number of active and available homes for sale throughout Greater Sacramento declined a hefty 18 percent since October and currently stands 11 percent below last year at this time. Market demand, measured by the rate of new pending sales, reflected a mere 1.6 months of remaining home supply on December 1st. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
A total of 2,242 resale homes went under contract as pending sales, while 2,160 were posted as sold and closed across the entire region for the month of November. Both sales categories reflect single digit decreases when compared to October figures but also exhibit a normal seasonal adjustment in buyer activity. More notable however, is that sold units were up 14 percent and new pending sales 12 percent when compared to November of 2015.
The average home sales price of $394,000 and median sales price of $356,000 for the region in November both reflect an eight percent increase compared to this time last year. A current level of price stability is evident though, as the average sales price has toggled steadily between $393,000 and $397,000 over the previous five months.
The move-up and upper-end markets remained exceptionally active over the past three months. Specifically, the $400,000 to $750,000 price range enjoyed a 30 percent increase in closed sales and a 25 percent increase in pending sales versus last year at this time. For homes priced greater than $750,000, there was a 22 percent increase in closed units and a 44 percent increase in new open sales over the same period.
“There is no doubt that Greater Sacramento remains one of the hottest housing markets in the country,” says Pat Shea, president of Lyon Real Estate. “Buyer demand and the rapid rate of sales show no indication that a cooling is anywhere in sight. The anticipated bump in mortgage rates may be fanning the 4th quarter flames, but rest assured that our housing market heat will remain on high for 2017.”
HOME BUYERS STILL BUSY IN GREATER SACRAMENTO
New open escrows increase 11% over October 2015
November 14, 2016
During the month of October, 2,620 resale homes went under contract across the Greater Sacramento Region. That figure reflected a 3 percent increase over September numbers and an 11 percent increase compared to October of 2015. Last month’s new pending sales also continued what is now an 8-month run of new open escrows above the 2,500 mark. By comparison, the prior 6-month period posted an average of 2,081 news sales per month. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
The number of active and available homes for sale however, dropped 9 percent since September and 10 percent compared to October of last year. This left market potential over the next few months in question with 1.7 months of inventory available market wide based upon the rapid rate of pending sales. Sacramento and Yolo counties have been exceptionally tight with inventory for months but now Placer and El Dorado counties have followed suit and remain at their lowest levels since May.
The $750,000 and above price point remained remarkably busy over the past 3 months; 360 properties were placed under contract as new pending sales and 343 were posted as sold and closed. These totals represented a 25 percent increase in both categories versus last year at this time. Inventory based upon the rate of new open sales is currently 5.5 months, the lowest since April.
The consistently scarce condominium segment was left with just 269 properties available for sale. This represents less than 1 month of inventory based upon the rate of pending sales. The average sales price was $211,000 compared to $180,000 in October of 2015, signifying even greater pain for entry level buyers. The average number of days on the market was 24.
“Anyone considering selling their home whether moving up, downsizing or changing locations should think about it right now,” says Pat Shea, president of Lyon Real Estate. “Buyers remain very eager to take advantage of the excellent values throughout the entire region. The average sales price has hovered around $395,000 for four straight months and interest rates remain in everyone’s favor. We can never be certain of what changes the New Year might bring.”
RESALE INVENTORY SLIPS IN GREATER SACRAMENTO
New open escrows jump 17%
A meager 4,828 homes were left active and available for sale throughout the Greater Sacramento Region on September 30th with no evidence that buyer demand is waning. That inventory number reflected 7 percent fewer properties available on the market compared to this time last year. Even though seasonal decreases in inventory are normal, last September started what would become a precipitous 40 percent plunge in inventory by February of 2016. This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
Buyer demand however, is a vastly different story, as new open escrows finished 7 percent better in the third quarter versus 2015. More importantly, September’s new escrows were 17 percent higher than those posted in August, indicating no immediate fall-off in buyer demand. Sustained momentum is further evidenced by noting that 32 percent more new open escrows were posted in the past six months than the prior.
Regardless of the high volume of sales, the median sales price for the region has stabilized and averaged $357,000 for the past 3 months. This represents an approximate 9 percent increase compared to this time last year. The average sales price was $395,000, an 8 percent lift versus the third quarter of 2015.
The entry level, defined as up to $400,000 held 2,245 or 45 percent of the remaining homes for sale at month-end. This marked 1.2 months of inventory based on the rapid rate of sales. The move-up market, now considered the $400,000 to $800,000 price range, held 1,993 properties or 2.1 months of inventory. Less than 4 months of inventory is widely regarded a seller’s market.
“The 4th quarter is often one of the very best times to have a home on the market and ironically many sellers drop off or delay listing until sometime after the New Year,” says Pat Shea, president of Lyon Real Estate. “Homes look their very best due to holiday detailing and decorating. Buyers that are actively looking during the holiday and winter season are always serious and not just recreational shoppers. Currently, there is continued speculation of rising interest rates so buyers are eager to get into contract. No seller should delay if they want to get their highest and best offer into contract in the near future.”
16 FALL EVENTS + FESTIVALS IN THE GREATER SACRAMENTO AREA
Who says festivals and events have to wind down once the summer is over? Mark your calendars with these fun community events happening in and around Sacramento — some of which are specifically geared to celebrating fall and all of its glory.
1. LODI GRAPE FESTIVAL
THURSDAY, SEPTEMBER 15 – SUNDAY, SEPTEMBER 18
The Lodi Grape Festival is a four-day wine extravaganza celebrating all things wine and grapes. Over 50 wineries will be in attendance, serving samples of their amazing wines, in addition to vendors selling bottles of their best-selling wines and new creations. You’ll also enjoy a myriad of live musical performances, a dance contest, and a tasting seminar. Check out their full schedule of events to see what’s in store during your visit!
2. FARM-TO-FORK LEGENDS OF WINE
FRIDAY, SEPTEMBER 16
Farm-to-Fork Legends of Wine provides an opportunity for wine lovers to sample and discover more about the region’s most celebrated varietals selected by two of Sacramento’s most respected culinary powerhouses. Your wine selections will be paired with artisan cheeses and local delights, as you enjoy a sophisticated evening in front of the majestic capitol building in downtown Sacramento.
3. CALIFORNIA BREWERS FESTIVAL
SATURDAY, SEPTEMBER 17
Whatever you do, don’t miss the California Brewers Festival on Saturday, September 17 from 1–5 p.m. at Discovery Park. Since the festival’s inception over 20 years ago, it has become the premier event for the beer enthusiast in Northern California. Sample exceptional brews from nearly 100 breweries, cideries and distributors, taste food from local food trucks, and enjoy live entertainment at this fun-filled event in the park. The best part about all of this? Your participation and admission benefits WEAVE, Inc., the primary provider of crisis intervention services for survivors of domestic violence and sexual assault in Sacramento County.
4. FOLSOM ANTIQUE PEDDLERS FAIR
SUNDAY, SEPTEMBER 18
Thousands of shoppers will flood the streets for the Folsom Antique Peddlers Fair on September 18 along Sutter Street in downtown Folsom. This free event is a great chance to get some one-of-a-kind home decor pieces or holiday gifts from the vendors selling antique and collectible merchandise.
5. FARM-TO-FORK FESTIVAL
SATURDAY, SEPTEMBER 24
If you haven’t noticed, Sacramento is proud of their excellent farm-to-fork options in the dining world. The city’s annual Farm-to-Fork Festival showcases and celebrates where our food and drinks come from, connecting attendees with the people who are feeding our region and the world. Admission to the festival is free, but there will be food and drinks available for purchase. Sample food, wine and beer from regional eateries and purveyors, listen to live music, watch several live cooking demonstrations, and visit interactive booths from local grocers, farms, ranches and more!
7. DAVIS SUNRISE ROTARY’S OKTOBERFEST
SATURDAY, OCTOBER 1
Support Davis Sunrise Rotary and enjoy a wonderful night filled with live polka music and community fun at Oktoberfest at Central Park in Davis. The $35 ticket admission for this annual fundraiser provides dinner and one alcoholic drink from their microbrew garden! What a fun way to support your local community, sample local food and drinks, and welcome the month of October.
8. AMADOR: BIG CRUSH HARVEST FESTIVAL
SATURDAY, OCTOBER 1 – SUNDAY, OCTOBER 2
The Amador Vintner’s Association invites you to witness the exciting grape harvest first-hand on October 1 and 2 from 11 a.m. to 4 p.m. Watch the outpouring of activity in the vineyards, and enjoy creating food and wine pairings, a variety of live music, and various harvest activities at the Big Crush Harvest Festival!
9. CALIFORNIA CAPITAL AIRSHOW
SATURDAY, OCTOBER 1 – SUNDAY, OCTOBER 2
The California Capital Airshow at Mather Airport offers mind-blowing excitement as U.S. Navy Blue Angels, U.S. Army Golden Knights, Royal Canadian Air Force CF-18 Hornet Demo, and the USAF F-16 Viper Demo race across the sky. You’ll witness two days of world-class aerobatics, theatrical performances, interactive exhibits, and lots of music and food!
10. SACRAMENTO HORROR FILM FESTIVAL
FRIDAY, OCTOBER 7 – SUNDAY, OCTOBER 9
Get a head start on celebrating Halloween with the Sacramento Horror Film Festival, frightening horror film fans with three days of feature-length premieres, shorts, music videos, trailers and documentaries. In addition to viewing these spooky films, enjoy Q&As with directors and writers, performance art, stand-up comedy and costume contests at this popular event!
11. LATIN FOOD & MUSIC FESTIVAL
SATURDAY, OCTOBER 8
Celebrate Hispanic Heritage Month at the Latin Food & Music Festival hosted by the Sacramento Hispanic Chamber of Commerce. This family-friendly event features live music, dance performances, and a savory food fair. Enjoy free admission and non-stop fun at the Cesar Chavez Plaza on Saturday, October 8.
12. FLOATING PUMPKIN PATCH
SATURDAY, OCTOBER 22
You’ve probably picked pumpkins before, but it’s likely you haven’t picked them from a pool while swimming. Visit the Floating Pumpkin Patch at the Mike Shellito Indoor Pool in Roseville from 1–4 p.m. on October 22. Pick your pumpkin in the pool and decorate it at their decorating station. Stick around for carnival games, bouncy houses and story times. It costs $7 to swim and $10 to swim and pick a pumpkin, or $15 to swim and pick a pumpkin if you wait to buy your tickets the day of the event. Costumes are encouraged, so get creative!
SATURDAY, OCTOBER 22
The City of Roseville has even more in store for October 22, as they host Oktoberfest at Vernon Street Town Square from 1–5 p.m. Enjoy beer from local and regional breweries, live music, and wonderful food! Pay $25 for a single ticket before October 7, and $35 for a ticket from October 8–22. Proceeds from this fun event benefit City of Roseville youth-at-risk programs.
14. SACRAMENTO ARTS FESTIVAL
FRIDAY, NOVEMBER 4 – SUNDAY, NOVEMBER 6
Don’t miss the 19th Annual Sacramento Arts Festival at the Sacramento Convention Center, where you’ll mingle with 225 of America’s best contemporary craftspeople and fine artists offering their original works covering all price ranges. This is the perfect opportunity to shop for your home or stock up on unique holiday gifts. The experience gets even better with live jazz and blues music coming from the main stage, and an abundance of food and drinks available.
15. 2016 SACRAMENTO HARVEST FESTIVAL
FRIDAY, NOVEMBER 18 – SUNDAY, NOVEMBER 20
2016 Sacramento Harvest Festival is one of the largest indoor arts and crafts shows on the West Coast, taking over Cal Expo for three days of shopping, live entertainment and family fun. Explore the collection featuring over 24,000 unique items handmade by vendors, artisans and small businesses all around the country. You’ll find original art pieces, jewelry, clothing, specialty foods, photography, toys, home decor, and more at this exciting harvest festival in downtown Sacramento!
16. TURKEY TROT
THURSDAY, NOVEMBER 24
Prepare for your feast on Thanksgiving Day with the annual Turkey Trot in Roseville, where you may run, jog, walk, stroll, roll or even crawl to the finish line. The most important part is that you have fun at the 5K or 10K benefiting local programs for at-risk youth. You may also help feed the hungry by bringing canned food donations to the Roseville Sports Center during packet pickup of at Vernon Street Town Square on race day!
ENDLESS SUMMER FOR GREATER SACRAMENTO REAL ESTATE
New open escrows last month were 19% higher than August of 2015
September 13, 2016
Buyers continue to apply unyielding pressure on the resale housing market across the entire Greater Sacramento region. New open escrows for the month of August totaled 3,064, 19 percent higher than August of 2015. That open escrow number also represented the highest number in any given month since April of 2012, when the median price was $195,000 and institutional investors were prolific in the market. The median price for all closed escrows during the month of August came in at $359,000, slightly down from the recent peak of $367,000 reached in June.
Voracious buyer demand and our persistently low level of inventory left the region once again with a remarkably scarce, 1.8 months of inventory at month-end. Sold and closed escrows totaled 2,726 during August which was second only to June for most closed sales over the past 12 months. This market information was reported by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.
As is typical, Placer County saw the highest average list price at $699,000 and the highest average sold price at $474,000. There were 558 closed sales in Placer during the month of August. El Dorado and Yolo Counties experienced $466,000 and $462,000 average sales prices respectively. El Dorado County closed 272 properties and had the highest remaining inventory at 2.9 months based upon the current rate of closed sales. Yolo County logged 192 closed sales for the month and was left with 1.4 months of inventory at month-end.
Sacramento County posted 1,704 closed sales with the lowest average sales price for the region at $356,000. The higher number of more affordable homes was met with the highest buyer demand leaving the county yet again with a sparse inventory level of 1.6 months.
“The number of quality, new listings coming to market just cannot keep up with the steady stream of buyers eager to purchase a home somewhere in Greater Sacramento,” says Pat Shea, president of Lyon Real Estate. “It’s even tighter than most people realize, since 95 percent of our sales are currently below $750,000 with only 83 percent of our inventory in that space. Homes that are priced, positioned and marketed well will continue to sell in short order.”
GREATER SACRAMENTO HOUSING INVENTORY INCHING UP
The region’s median sale price softens to $357,000 in July
August 17, 2016
Greater Sacramento’s resale housing inventory during the month of July increased 7 percent over June and reached its highest level since September of 2015 as 5,031 homes were left active and available for sale at month-end. This market information was provided by TrendGraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
New open escrows throughout the region however, remained on a very rapid pace by posting a 10 percent increase compared to both last month and last July. These new sales are not all converting to actual sold and closed numbers though, as closed units were actually down 17 percent versus June and down 13 percent from July of 2015.
Pat Shea, president of Lyon Real Estate, cites a few factors contributing to this experience. “First and foremost, we are seeing a greater number of cancellations occur as would-be buyers get cold feet after the frenzy of multiple offer bidding has subsided and the inspection period begins. Then there is the seasonal increase in inventory as peak summer selling season begins to fade.”
Different price points continue to dictate varied experiences for buyers and sellers alike. In the entry level, typically viewed as below $350,000, there remains 1.3 months of inventory based upon the current rate of closed sales. These properties are also getting into escrow within an average of 23 days. Things are a little bit better in the move-up market, between $350,000 and $750,000, with 2 months of inventory available and approximately 34 average days on the open market prior to sale. Above $750,000 throughout the 4-county area, you will find 7 to 8 months of inventory based upon the rate of closed sales and homes on the market for an average of 85 days.
During the month of July, the median price softened to $357,000 after five straight months of increases and hitting a recent high of $368,000 in June. Shea states that "even with signs of price stability and rising inventory, we are still in a very tight market. Sellers can lessen their chance of cancellation by obtaining structural, pest, roof and even whole house inspections in advance and providing completed property disclosures upon entering the market. San Francisco and East Bay Realtors® have exercised this approach for many years to fully inform all parties during negotiations and help reduce buyer remorse.”
HOME SALES AND PRICES STILL RISING ACROSS GREATER SACRAMENTO
Available inventory up nearly 50% since March 1st
July 8, 2016
At the end of June, 4,715 homes were active and available for sale throughout the Greater Sacramento region. This marked nearly a 50 percent increase since March 1st and provided some hope for buyers dealing with multiple offer competition in most price points since the beginning of the year. This market information was provided by TrendGraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Even though 2nd quarter closed sales were within 2 percent of the number logged during the same period in 2015, new open escrows were up 8 percent. This suggests that persistent buyer momentum will continue throughout the summer. Robust sales in the upper-end also pushed the region’s average closed sales price to $408,000 for the month of June, the highest since September of 2007.
El Dorado and Placer Counties enjoyed $499,000 and $482,000 average sales prices respectively for the month of June. El Dorado County closed 783 properties for the quarter and finished with the highest remaining inventory at 2.7 months based upon the current rate of pending sales. Placer County posted 23 percent of the region’s 7,921 closed sales for the quarter and ended with 1.9 months of remaining inventory. Yolo County logged 501 closed sales for the quarter, and held 1.4 months of inventory at month-end while maintaining a $476,000 average sales price for June.
The largest region, Sacramento County, logged 60 percent of the sales for the 2nd quarter and posted the lowest average sales price of $358,000 in June. This more favorable price point was met with the highest buyer demand, leaving the county with the lowest inventory level of 1.2 months.
“The average sales price for the entire four-county region rose 8 percent during the 2nd quarter,” says Pat Shea, president of Lyon Real Estate. “Realtor.com recently ranked the Sacramento region as #8 among the top 20 hottest real estate markets in the country. Interest rates, employment figures, and comparative affordability are keeping Sacramento a great place to buy or move-up in 2016.”
NEW PENDING SALES KEEP PRESSURE ON HOUSING MARKET
Open escrows in the upper end reach highest mark in 10 years
May 10, 2016
Resale housing inventory for the four-county Greater Sacramento region enjoyed a much needed 15 percent jump in April. The 3,880 active and available homes for sale at month-end also marked the highest inventory level since November. This market information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate. Buyer demand through new pending sales however, kept signicant pressure on the market with 3,124 open escrows, the most for any one month in many years. This also followed strong open escrow levels for both March and April, indicating elevated closed sales will follow over the next few months. The entry level price range below $350,000 saw 1,597 new listings hit the market in April but was competitively matched with 1,535 homes getting under contract. This left a sparse 1,083 homes active and available, or 21 days of inventory based upon the rapid rate of sales. Anything below 4 months of inventory is typically considered a seller’s market. The move-up market, considered by many experts to be from $350,000 to $750,000, exhibited consistent momentum as well by posting a 20 percent increase in sales over March with just an 18 percent increase in inventory. This left 1.4 months of homes available for sale based upon the rate of new pending sales. Inventory in the upper-end, specically $750,000 and above, experienced two consecutive months of more than 300 new listings. Recent listing activity left a healthy 749 homes available for sale in the price range, the highest level since July of 2015. New open escrows however, reached 169 units in April, the most in any one month since spring of 2007. “Our inventory struggle and record setting buyer demand are now creating upward pressure on all price points,” says Pat Shea, president of Lyon Real Estate. “The median sales price uctuated between $325,000 and $335,000 for 11 straight months ending February. In March, the median jumped to $340,000 and now for April increased to $350,000. There is no doubt that our entire region is reaching new price levels but still remains almost 20 percent below the pre-recession highs of 2006.”
SACRAMENTO AREA HOMES SELLING LIKE HOTCAKES
Home sales above $750,000 jump 80% over January March 15, 2016
Remarkably low inventory and surplus of eager buyers remained the top real estate stories throughout the Greater Sacramento region during the month of February. At month end, 3,156 homes were active and available for sale, marking the lowest number in over three years. Buyers were undeterred however, as new pending sales jumped 33 percent compared to January and 15 percent higher than February of 2015. These metrics left the four county area with a mere 1.2 months of inventory heading into the spring selling season. Market information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate. The entry level, $350,000 and below, saw 1,369 homes turn to pending sale while only 1,250 new listings hit the market. This market segment remains the most challenged with less than one month of inventory available based upon buyer demand. “The numbers clearly suggest an erosion of affordability in our region unless homeowners repeat the move-up pattern experienced over the past few years,” says Pat Shea, president of Lyon Real Estate. The move-up range, $350,000 - $750,000, fared slightly better with 1,593 homes active on the market or 1.5 months of inventory based upon the rate of pending sales. Anything less than four months is considered a seller’s market. Above the $750,000 price point, the market rebounded with a vengeance from a typical, seasonal break. The highest volume of new sales by a wide margin since March of 2015 – 124 – were posted. This was an 80 percent increase over last month and followed monthly new sales gures of 61, 62 and 69. Shea states that “upward pressure on prices is starting to materialize with February’s average sales price of $373 reaching a new high since the fall of 2007. That followed eleven months of toggling between $359,000 and $371,000. This makes today a great time for move-up sellers to nd their dream home. A steady stream of buyers are ready, willing and able to help get you there.”
BUSINESS AS USUAL IN SACRAMENTO REAL ESTATE
New pending sales jump 36% over December
February 12, 2016
The Greater Sacramento real estate market went right back to business in the month of January as new pending sales jumped 36 percent after taking a December holiday. The 2,088 new escrows also marked a 5 percent increase over January of 2015, indicating that another busy, spring selling season is on the way.
Last month, 2,373 new listings hit the market in the four county area. The high level of buyer demand however, combined with two previous months of extremely low listing activity kept the inventory at its lowest level since May of 2013. This market information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
Even with a slight hike in the Federal Reserve’s benchmark interest rate, mortgage rates remained below 4 percent and very close to last year at this time. “Buyers just cannot resist the favorable position that excellent home values and fabulous interest rates are providing throughout our entire market area,” says Pat Shea, president of Lyon Real Estate.
Closed units took it on the chin in January by posting a mere 1,470, the lowest number in over a year. Shea states that “this is due to two consecutive months of drop-off in new pending sales during the holiday season, and still represented a 5 percent increase over December 2014.”
Sacramento, Placer and Yolo Counties all ended January with less than two months of available inventory based upon the rate of sales. El Dorado County was left with 2.9 months, still a strong sellers position by historical standards. The region’s median price dipped to $324,000 and has not fluctuated more than $4 over the past six months.
“The best time to list your home is when the inventory is this low,” said Shea. “You still want to price it reasonably and present it in excellent showing condition in order to attract your highest and best offer. The consistent stability in our median price combined with a certain influx of new inventory as spring draws near will keep the market very competitive in 2016.”
MARKET TIGHTENS IN SACRAMENTO REAL ESTATE
Resale housing stock 23% lower than January of 2015
January 13, 2016
The Greater Sacramento real estate market continued to see inventory evaporate during the month of December as Sacramento, Placer, Yolo and El Dorado counties combined were left with a mere 3,226 homes active and available for sale at year end. This represents the lowest number since May of 2013, based upon market information provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
According to Pat Shea, president of Lyon Real Estate, “the fourth quarter enjoyed a 6 percent increase in sold properties compared to Q4 of 2014 and a 10.5 percent increase in new pending sales. Both of these metrics, combined with the lowest monthly total of new listings since last December -- 1,433 -- rendered the area’s resale housing stock 23 percent lower than the beginning of 2015.
The median sales price remains relentlessly stable and logged in once again at $329,000 for December. There has been no greater than a $5 variance in the region’s median price over the past eight months. The average price per square foot has toggled between $193 and $195 over the past seven months while sellers have averaged 97 percent of their original list price for five consecutive months.
Sacramento County continued to see the most activity with 65 percent of the region’s sales in December and 53 percent of the remaining inventory. Placer County followed as typical, with 21 percent of the sales and 24 percent of the residual inventory. El Dorado and Yolo Counties trailed with 8 percent and 6 percent respectively of December sales as well as 17 percent and 6 percent of the remaining homes for sale.
“Our entire market area experienced a 10 percent increase in the number of homes sold during 2015 as compared to 2014,” said Shea. “You can expect more of the same in 2016 with the multitude of factors that remain in our favor, including: affordability, interest rates, job news, re-development, gentrification, etc. There’s never been a better time to sell or buy a home in Sacramento.”
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