November New Home Sales In Sacrament Area Highest Since 2008
SACRAMENTO (CBS13) – It is a positive sign of the times. New home sales in November were the best they’ve been in four years in the Sacramento area, and buying any kind of home is proving to be a challenge.
“The inventory is down and we are seeing multiple offers on lots of properties,” said Patti Martinez with Lyon Real Estate.
It’s been slow going at times for Martinez in the past few years with the economy tanking.
“I’ve seen the best and the worst,” she said.
With so few homes on the market, more buyers are looking for new homes and builders are trying to meet that demand.
In November there were 195 new home sales in the Sacramento area. That is the most sold in November since 2008.
High-end homes are also seeing a surge in sales.
In the past 12 months sales of homes more than $750,000 have skyrocketed 90 percent.
Pat Shea with Lyon says 42 homes that cost more than three-quarters of a million dollars were sold in the past year and another 33 are ready to close.
“We also have people that are retiring, they are selling in the Bay Area and relocating here to be with their families or to have a little bit more laid-back lifestyle,” he said.
Placer County has had more new home sales than anywhere else, primarily in Roseville and Granite Bay.
Ben Winkler is new to the area and seeing how hard it can be to buy here these days.
“We had owned and we sold and so we have enough for a down payment on it,” he said.
Ben says that and historically low interest rates make the decision to buy easy.
“You get a little more home for your money here and we have family ties to the area,” he said.
But getting the house might be the hard part in this kind of market.
It’s a new turn on the real estate roller coaster – and plenty of people are along for the ride.
“I think there is a lot of optimism with sellers and buyers because prices are going up a little bit and buyers recognize that and they’re out there looking,” Martinez said.