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Report: Decreasing Supply Of Sacramento Area Homes For Sale

danielmoyle / Flickr

danielmoyle / Flickr

New data suggest it's a seller's market in Sacramento area real estate right now. Fewer homes are for sale and prices are rising.

A lot more people can afford to buy a home under $300,000. Real estate agents say the problem is, it's getting harder to find those homes.

"There's a lot of demand and that product has been disintegrating in Sacramento," says Pat Shea, president of Lyon Real Estate - which has more than 900 realtors in the Sacramento area.

New data from research firm TrendGraphix show September's median price of $326,0000 was about six-percent higher than this time last year.

Shea points out the data also show the listing of homes for sale in the third quarter was 11 percent lower than a year ago.

"The entry level has low inventory and probably will have indefinitely at this point in time," says Shea, "because of population growth and the demand in our region."

September numbers show just over 5,200 homes available for sale in the region; a four percent drop from August and a 15 percent decrease from this time last year.

If you're thinking about putting your home on the market, the TrendGraphix data show it'll take, on average, about six-weeks to sell. The average number of days on the market is 41.

"Sellers are receiving approximately 97 percent of their asking price," says Shea. So if it's priced well, if it's in good market showing condition, you can expect that your home is going to sell."

 real estatehome sales

Steve Milne

Morning Edition Anchor & Reporter

Steve is the voice of Capital Public Radio News as anchor of Morning Edition and Insight. He covers stories on a wide range of topics including: business, education, real estate, agriculture and music. Steve also produced stories for CapRadio.org.   Read Full Bio