The median price for homes in the five-county area of Sacramento, Placer, El Dorado, Nevada and Yolo increased 1% from April to May, also representing a 3% increase over the last 12 months in all price-points. Additionally, homes under $200,000 have seen their price-per-square-foot values increase 15% in the last 12 months. “This very large increase is due to an overall inventory shortage as well as record-low interest rates,” stated Michael Lyon, CEO, Lyon Real Estate. “The majority of all sales are occurring under the $300,000 threshold; however, due to significant price-reductions, we are starting to see an increase in sales in the $500,000+ upper-end market.”
TRENDGRAPHIX’s latest report shows that sales increased 6 percent during the month of May for the Tri-County region of Sacramento, Placer and El Dorado Counties. May 2010 sales were the same than May 2009 sales. Pending sales decreased by 10 percent from April to May 2010.
May 2010 inventory of 7,229 homes for sale is 10 percent lower than May 2009 inventory. This is a 53 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales increased 8 percent from April to May 2010. Inventory increased 8 percent during the month of May. Pending sales decreased by 14 percent in the month of May. 55 percent of the homes sold for under $200,000; 39 percent of the homes sold for between $200,000 and $400,000; and 6 percent of the homes sold for over $400,000. The average price per square foot increased 2 percent during the month of May to $127.
Placer County sales increased by 5 percent and inventory increased by 1 percent during the month of May 2010. Pending sales increased by 5 percent from April to May. 4 percent of the homes sold for under $200,000; 51 percent of the homes sold for between $200,000 and $400,000; and 45 percent of the homes sold for over $400,000. The average price per square foot increased by 1 percent during the month of May to $149.
El Dorado County sales remained the same from April to May, and the inventory increased by 6 percent from April to May. Pending sales have decreased 11 percent during the month of May. 18 percent of the homes sold for under $200,000; 50 percent of the homes sold for between $200,000 and $400,000; and 32 percent of the homes sold for over $400,000. The average price per square foot decreased 1 percent during the month of May to $153.
Yolo County sales increased by 14 percent for May 2010 and the inventory increased by 5 percent. Pending sales decreased 3 percent during the month of May. 22 percent of the homes sold for under $200,000; 52 percent of the homes sold for between $200,000 and $400,000; and 26 percent of the homes sold for over $400,000. The average price per square foot increased 3 percent during the month of May to $163.
Nevada County sales have decreased by 15 percent during the month of May, and inventory increased 8 percent. Pending sales decreased by 29 percent. No homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 51 percent of the homes sold for over $400,000. The average price per square foot increased by 4 percent during the month of May to $175.
San Joaquin County sales have decreased by 10 percent during the month of May, and inventory increased by 10 percent in May. Pending sales decreased 9 percent. 36 percent of the homes sold for under $200,000; 52 percent of the homes sold for between $200,000 and $400,000; and 12 percent of the homes sold for over $400,000. The average price per square foot increased 2 percent during the month of May to $103.
