Tuesday, February 19, 2019

Sacramento Housing in January: Sales Down 21% YoY, Active Inventory up 25% YoY

by Calculated Risk on 2/19/2019 06:06:00 PM

From SacRealtor.org: January 2019 Statistics – Sacramento Housing Market – Single Family Homes

The month closed with 894 total sales, a 19% decrease from the 1,104 sales of December. Compared to the same month last year (1,129), the current figure is down 20.8%. This month marks the lowest amount of sales for a January in over 10 years. January 2008 saw only 739 sales.
The Active Listing Inventory decreased, falling 2.5% from 2,149 to 2,095 units. The Months of Inventory increased 21.1% from 1.9 to 2.3 Months. [Note: Compared to January 2018, inventory is up 24.9%] .
The Average DOM (days on market) increased again, rising from 38 to 40. The Median DOM also increased, rising from 25 to 27. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.”
emphasis added
CR Note: Inventory is still low - months of inventory is at 2.3 months, probably closer to 4 months would be normal - however inventory is up significantly year-over-year in Sacramento (but not as large a YoY increase as in December).