Monday, April 16, 2018

Sacramento Housing in March: Sales Decrease Slightly YoY, Active Inventory up 19% YoY

by Calculated Risk on 4/16/2018 03:45:00 PM

From Spring Surge: sales volume, median sales price increase for the month

March ended with 1,395 sales, marking a 23.3% increase from the 1,131 sales of February. Compared with one year ago (1,407), however, the current figure is a .9% decrease. Of the 1,395 sales this month, 192 (13.8%) cash financing, 809 (58%) used conventional, 249 (17.8%) used FHA, 89 (6.4%) used VA and 56 (4%) used Other types of financing.

Active Listing Inventory increased 5.4% from 1,724 to 1,817. The Months of Inventory, however, decreased from 1.5 to 1.3 Months. A year ago the Months of inventory was 1.1 and Active Listing Inventory stood at 1,525 listings (19.1% below the current figure).

The Average DOM (days on market) dropped from 31 to 25 month to month and the Median DOM dropped from 13 to 11.

“Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” 75% of all homes sold this month (1,046) were on the market for 30 days or less and 87.5% (1,222) of all homes sold in 60 days or less. Compare this to March 2014 where 79.1% of all homes sold (1,075) 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 March are here.