Sales of all residential properties climbed a modest 2 percent in the greater Sacramento area in 2016 while the median sales price in the region jumped 8.6 percent compared to a year earlier, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading provider of real estate services.
A total of 28,986 properties were sold in the three-county region 2016, up from 28,450 in 2015. The median price for properties sold from January through December 2016 increased to $340,000 from $313,000 in 2015. The statistics are based on sales of all property types, including single-family homes, condominiums, townhouses and multi-family properties, recorded in Sacramento, El Dorado and Placer counties by the Multiple Listing Service.
December home sales in the tri-county area dipped 2 percent to 2,371 sales, down from 2,428 in December 2015. However, the median sales price in December rose 5.6 percent to $337,000, up $19,000 from $318,000 a year earlier.
Sacramento and Placer counties experienced significant increases in year-over-year median sales prices. Sacramento County’s median sales price shot up 10.5 percent to $305,000 in 2016 from $276,000 in 2015, while Placer County’s median sales price rose 9 percent to $420,000 from $385,000 during the same timeframe.
The biggest jump in home sales in 2016, however, occurred in El Dorado County, which ended the year with 2,828 sales, a 6.2 percent increase from 2,662 sales in 2015. Additionally, the median selling price increased 6.5 percent to $426,000 from $400,000 in 2015.
Sacramento County home sales increased by a more modest 2 percent in 2016, with 19,679 sales for all of 2016, up from 19,292 the prior year. Meanwhile, home sales in Placer County in 2016 were relatively flat, with 6,479 sales compared to 6,496 the prior year.
“The most significant challenge facing the greater Sacramento housing market in 2016 was limited inventory,” said Mike James, president of Coldwell Banker Residential Brokerage. “December illustrated the shortage of homes available for sale. Inventory in December was off by 25 percent, making the market much more advantageous for home sellers. Buyer demand continues to be healthy because of the region’s sound economy, which has resulted in upward pressure on home prices.”
Here are some other key finding from the Coldwell Banker Residential Brokerage Sacramento Regional Housing Report:
- El Dorado County was the only county to experience an increase in home sales in December, with 229 sales, up 9.6 percent from 209 a year earlier and 11.7 percent higher than 205 sales in November
- While Sacramento County home sales were off 4 percent in December, down to 1,630 from 1,698 the prior year, median sales prices climbed 5.6 percent to $304,000 from $288,000
- Placer County median sales prices jumped 7.8 percent to $415,000 in December from $385,000 a year earlier, but sales were off by 1.7 percent with 512 sales recorded for the month, down from 521 the prior year