Sunday, December 16, 2018

Sacramento Housing in November: Sales Down 7% YoY, Active Inventory up 23% YoY

by Calculated Risk on 12/16/2018 08:12:00 AM

From November 2018 Statistics – Sacramento Housing Market – Single Family Homes, Median sales price increases, sales volume drops

November closed with 1,304 sales, a 9.3% decrease from the 1,413 sales of September. Compared to the same month last year (1,396), the current figure is down 6.6%. Of the 1,304 sales this month, 180 (13.8%) used cash financing, 791 (60.7%) used conventional, 225 (17.3%) used FHA, 76 (5.8%) used VA and 32 (2.5%) used Other types of financing.
The Active Listing Inventory decreased, dropping 11.3% from 3,060 to 2,714 units. [Note: Compared to November 2017, inventory is up 22.5%] The Months of Inventory remained at 2.1 Months. This figure represents the amount of time (in months) it would take for the current rate of sales to deplete the total active listing inventory. The chart to the right reflects the Months of Inventory in each price range.
The Average DOM (days on market) continued its increase, rising from 30 to 36 from October to November. The Median DOM also increased, rising from 19 to 24. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,304 sales this month, 59% (770) were on the market for 30 days or less and 81.2% (1,060) were on the market for 60 days or less.
emphasis added
CR Note: Inventory is still low - months of inventory is at 2.1 months, probably closer to 4 months would be normal - however inventory is up significantly year-over-year in Sacramento.