(This data covers single-family homes as well as condominiums in Sacramento County as well as West Sacramento. Please contact me for most recent data on Placer County or other areas.)
Highlights of August home sale report:
Sacramento’s median home sale price dropped for the first time this year (although just marginally).
- Sales volume jumped in August, but it’s still down from one year ago.
- Active inventory increased significantly from July to August, the 7th straight month of increase.
- Equity sales also reached a high water mark.
In this blog, we’ll track eight key indicators of our real estate market:
1. Median home sale prices,
2. Sales volume,
3. Listing inventory,
4. Months of inventory,
5. Days on Market (DOM),
6. Price per Square Foot,
7. Types of financing for sales, and
8. Distressed sales
Median home sale prices
As of August 31, 2017, the median price for residential property is currently $349,000 in Sacramento County.
But the mean (average) home sale price in Sacramento County is much higher, now sitting at $379,790.
That represents a -1.6% increase from just last month, but a 7.7% increase compared to this same time last year.
Sales volume
In August 2017, there were 1,734 closed residential property sales in Sacramento Country (and West Sacramento).
That's up 6.1% from the previous month when 1,634 sales closed.
It’s also a significant increase in sales volume from April 2017, when there were only 1,512 sales.
But it's still down -3.6% from sales volume this time last year when 1,799 escrows closed in August.
How do those numbers hold up historically? The highest number of sales every recorded in one month was 1,816 in June of 2012.
In August, there were $658,554,997 in closed sales. That’s up 4.9% from July’s $627,917,877, and a total dollar volume increase of 3.3% from this month last year, when $637,779,736 worth of residential single family homes sold.
Listing inventory
Sacramento County now has an active inventory of 2,593 homes and residential properties for sale.
That's a significant increase of 8.3% over just last month when there were 2,395 active listings.
In our market stricken with lack of inventory woes, an 8.3% increase in listings is great news.
While that may sound like a lot of homes and properties for sale, that’s still down a double-digit -11.3% from the number of active listings (2,923) this time last year.
Months of inventory
Currently, our supply of available homes for sale, represented as Months of Inventory, sits at only 1.5 months. That’s the same number from the pervious month but up significantly from April (1.2 months) and May (1.1 months) of this year.
This time last year, we had 1.6 months of active inventory available, so we can be cautiously optimistic that we’re only off that pace about 6.3% and trending in the right direction.
Days on Market
In August 2017, the average Days-on-Market for sold single-family homes was 22 days. That means it took an average of only 22 days before listings first went Active and then went Pending when an offer was accepted.
But last month, the average home sold after only 18 days on the market.
The median Days On Market is even strikingly lower; currently at 11 DOM and up from 9 DOM last month!
In fact, 84% of all homes (one house on lot or condos) sold in 0-30 days or less, and only 1% took four to six months. None went longer!
All of this means that were at the lowest average Days-on-Market ever recorded in Sacramento!
Price per Square Foot
The average price per square foot for sold properties in Sacramento County was $229.50 as of August 2017. That’s an increase of just under 1% from last month and more than 10% from May 2016, when the price per square foot was $205.
How far have our priced jumped? Only four years ago – in April 2013, the average price per square foot in Sacramento County was only $145!
Types of financing for sales
All-cash sales made up 12.4% of all home sales in August, down from 13.8% in July.
For those home purchases that required a mortgage:
Conventional financing was utilized for 55.5% of all purchases,
FHA (Federal Housing Authority) loans made up 22.3% of all purchases (up 2.1% from just one month earlier!),
VA (Veterans Affairs) loans accounted for 5.4% of all home purchases.
And other types of financing were used in 4.5% of home sales.
Distressed sales
In fact, equity sales (homes that sold with enough equity or break even or profit) accounted for 97.5% of the sales in August, up from 92.5% equity sales this time last year.
REO/bank-owned homes sales fell below 1% (0.9%), with only 16 such closed escrows – which is 70% less than August of 2016! Likewise, Short Sales made up only 1.6% of all sales and are down nearly 435 from last year.
What’s next for the Sacramento region?
Look for our Sacramento economic report and housing market for 2018 and beyond coming soon!
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