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 upmarket -- 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.”
About Lyon Real Estate
Lyon Real Estate is ranked the number one brokerage in annual home sales in the greater Sacramento region and has served the area for 70 years. In 2016, the company closed 7,688 transactions worth a total of $2.97 billion in sales volume. Lyon Real Estate has 945 agents in 17 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World®, the largest network of premier locally-branded firms, as well as LeadingRE’s Luxury Portfolio International® program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. For more information about Lyon Real Estate, click to GoLyon.com and follow us on www.facebook.com/LyonRealEstate.
About TrendGraphix, Inc.
TrendGraphix, Inc. is a real estate reporting company based in Sacramento that uses local Multiple Listing Service (MLS) data to provide highly-visual market statistical graphs to real estate brokers, agents, and MLS/Realtor associations across the country. TrendGraphix’s programs are currently used by tens of thousands of agents in more than 250 brokerages in 48 states. For more information about TrendGraphix, visit www.trendgraphix.com.
It's a tough market for homebuyers. Prices are high and supply of available homes is low.
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WHERE TO STAY
St. Patrick’s Day is a carefree and exciting holiday that should not be missed — especially since it falls on a Friday this year! There are so many Irish-themed events happening in the Sacramento area, and we want to make sure you take advantage of them.
Get in the spirit for St. Patrick’s Day in the days leading up to the holiday, or celebrate on Friday night or Saturday afternoon! Whatever you do, it’s time to dress up in green, grab a traditional Irish beer, and get together with friends and family to have a blast this St. Patrick’s Day.
Friday, March 3
Photo Courtesy of the Irish Rovers
Get in the spirit for St. Patrick’s Day early with music legends, The Irish Rovers’ rousing performance at the Crest Theatre. This dynamic Irish folk group is best known for their international television series and for their hit songs like, “The Unicorn”, “The Orange and the Green”, “The Black Velvet Band”, “Wasn’t That A Party” and more. These days they’re going viral with “Drunken Sailor”!
The Celtic super-band will take the stage two weeks before St. Patrick’s Day on Friday, March 3. Get your tickets to the ultimate Irish celebration at the historic Crest Theatre after grabbing some drinks and small bites downstairs at the Empress Tavern!
Saturday, March 11
Photo Courtesy of 5Hundy Social Club
Xoso Sport & Social League and 5Hundy Social Club are hosting the largest and luckiest pub crawl of the year in Midtown Sacramento. Simply buy your souvenir event t-shirt and wear it at the designated bars during the crawl, where you’ll collect various food and drink specials! Get your tickets now, and stay in the loop by checking their Facebook event page.
Saturday, March 11 + Sunday, March 12
Photo Courtesy of Shamrock’n Half Marathon
Participate in the fun and active races during Shamrock’n Weekend, benefiting the Triumph Cancer Foundation, a Sacramento-based nonprofit organization that empowers cancer survivors to recapture their lives after cancer treatment through physical fitness. On Saturday, your family can run (or walk!) in the half-mile Kids’ Leprechaun Dash, or the 5K or 10K race. You can even participate in the half marathon on Sunday! Whatever race you’re in, Shamrock’n Weekend is a wonderful way to be active while supporting an amazing cause.
Monday, March 13
Photo Courtesy of De Vere’s Irish Pub
St. Baldrick’s Day at De Vere’s Irish Pub is another annual St. Patrick’s Day event with a great cause! The St. Baldrick’s Foundation is a volunteer-driven charity committed to funding the most promising research to find cures for childhood cancers and give survivors long, healthy lives. Each year, participants shave their heads to raise money for childhood cancer research. You can help this organization conquer childhood cancer in a few ways — by making a donation to or joining the de Vere’s team, or creating a team for you and your friends. Either way, your involvement will make a significant impact on the fight for cancer!
Friday, March 17
Photo Courtesy of Ken Byes via One Eyed Reilly
Take in an amazing Celtic/Americana rock performance from One Eyed Reilly at the Mondavi Center in Davis this St. Patrick’s Day! This Sacramento-based band blends dynamic original songs with modern Celtic rock, Americana, and innovative versions of traditional Irish and Scottish classics. To make their jaw-dropping performance even better, this show is completely free and requires no tickets! What a fun and inexpensive way to celebrate this Irish holiday.
Saturday, March 18
Photo Courtesy of Old Sacramento
The Old Sacramento St. Patrick’s Day Parade is one of Northern California’s largest and most colorful parades, uniting all cultures each year in Old Sacramento. The day begins with entertainment and activities starting at 12 p.m. The parade begins at 1 p.m. at the corner of Neasham and Front Streets and proceeds throughout the national historic landmark district. The parade is filled with hundreds of colorful marchers dressed in green, Irish and Highland dancers, pipe and drum bands, historic re-enactors, and much more. This family-friendly St. Patrick’s Day event should not be missed!
Saturday, March 18
Enjoy the robust flavors of the region at the Green and Gold Food and Wine Festival in Auburn on Saturday, March 18 from 6–9 p.m. This food and wine tasting event highlights the wonderful vintners and eateries in our area, and also includes entertainment, a silent auction and raffle prizes! Tickets cost $30 per person, and proceeds benefit Placer High School, for their various educational, sports, and arts programs.
Saturday, March 18
Photo Courtesy of Hornblower River Cruise
Celebrate St. Patrick’s Day from one of our favorite vantage points in the city — atop the Hornblower River Cruise along the Sacramento River. On St. Patrick’s Day, this one-hour cruise will even include a face painter and balloon artist for the kids! This is a fun way to experience the wildlife and natural beauty that this historic waterway has to offer. Choose the 11:30 a.m., 3 p.m. or 4 p.m. cruise, depending on your family’s Saturday schedule.
Saturday, March 18
The St. Patrick’s Day Dinner and Fundraising Auction is another way to support the local arts while experiencing a wonderful evening with food, drinks, and friends. Guests will enjoy traditional Irish food and drinks, music, a raffle and much more at the Fair Oaks Community Clubhouse. Tickets cost $25 per person and can be purchased in advance at Sierra Vista Bank, Regent Street Salon or the BBQ Pro. Proceeds benefit the Fair Oaks Theatre Festival.
HAPPY ST. PATRICK’S DAY, SACRAMENTO!
HAVE A HAPPY HOLIDAY!