Home prices in the greater Sacramento region continued to climb last month with the median sale price up 8 percent from a year ago, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading real estate services company.
A shortage of homes for sale helped boost prices in October with the biggest increase recorded by El Dorado County, where the median sale price surged 12 percent to $390,000. The tri-county region overall saw an 8 percent increase in the median sale price to $314,000 as inventory tumbled 24 percent from October 2014.
The figures are based on Multiple Listing Service data of all homes sold in Sacramento, El Dorado and Placer counties.
The lack of inventory on the market limited sales growth last month with a total of 2,328 homes changing hands in the tri-county region in October, up just 2 percent from the 2,285 sales during the same period a year ago. But sales for all of 2015 through October were up a solid 10 percent compared to the first 10 months of 2014.
“Home prices in the greater Sacramento area continue to climb, in part because there aren’t enough properties on the market to meet the strong buyer demand we’re experiencing here,” said Kris Vogt, president of Coldwell Banker Residential Brokerage. “This is a great time for anyone who has been thinking about selling to jump into the market. Our hope is that we’ll see more inventory coming on in the weeks ahead or certainly in the new year.”
Sacramento County recorded a 5 percent increase in home sales last month to 1,604 units, up from 1,525 a year ago. The median price in October climbed 8 percent from last year to $280,000 as the inventory of homes for sale plunged 29 percent.
Placer County home sales rose 1 percent in October compared to last year as 532 properties changed hands. The median sale price rose 6 percent year over year to reach $391,000 last month from $369,000 a year ago.
El Dorado County saw a 13 percent decline in sales year over year with 202 transactions in October compared to 232 in October 2014. But the median sale price rose 12 percent to $390,000 from $349,000 a year ago.
Some other key findings from the Coldwell Banker Residential Brokerage Sacramento Regional Housing Report for last month:
- Sold listings year to date through October reached 23,972 in the tri-county area, up 19 percent from the 21,714 transactions at the same time last year;
- The median sale price year to date is $312,000, up 8 percent from the $290,000 median sale price last year through August;
- In the last three years, the median sale price in the region has rebounded 53 percent from the $205,000 level in October 2012;
Coldwell Banker Residential Brokerage serves Sacramento, Placer and El Dorado counties with nearly 800 agents and 12 offices. For more information, please call 925-771-5285.