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Friday, March 16, 2018

Sacramento Housing in February: Sales up 10% YoY, Active Inventory up 17% YoY

by Calculated Risk on 3/16/2018 08:52:00 PM

From Flat February: median sales price, sales volume stagnant

February closed with 1,131 sales, up just .2% from January’s 1,129 sales. Compared with one year ago (1,028), the current figure is a 10% increase. Of the 1,131 sales this month, 171 (15.1%) cash financing, 651 (57.6%) used conventional, 203 (17.9%) used FHA, 59 (5.2%) used VA and 47 (4.2%) used Other types of financing.

Active Listing Inventory increased 2.8% from 1,677 to 1,724. The Months of Inventory, however, remained at 1.5 Months. A year ago the Months of inventory was 1.4 and Active Listing Inventory stood at 1,469 listings (17.4% below the current figure).

The Average DOM (days on market) remained at 31 from month to month. The Median DOM dropped from 17 to 13.

“Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” 66.9% of all homes sold this month (757) were on the market for 30 days or less and 81.8% (925) of all homes sold in 60 days or less. Compare this to February 2016 where 78.8% of all homes sold (1,082) sold in 60 days or less.
emphasis added
CR Note: Inventory is still low, but now increasing year-over-year in Sacramento.

The statistics for February are here.