Thursday, April 11, 2019

Sacramento Housing in March: Sales Down 5% YoY, Active Inventory up 4% YoY

by Calculated Risk on 4/11/2019 10:04:00 AM

From Spring sales season kicks off in March

March ended with 1,320 total sales, a 30% increase from the 1,015 sales of February. Compared to the same month last year (1,395), the current figure is down 5.4%.
The Active Listing Inventory decreased 5.6%, dropping from 1,994 to 1,883 units. The Months of Inventory decreased 30% from 2 to 1.4 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. [Note: Compared to March 2018, inventory is up 3.6%] .
The Median DOM (days on market) dropped for the first time since May 2018, falling from 27 to 18 from February to March. The Average DOM also decreased, dropping from 43 to 37. “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 1.4 months, probably closer to 4 months would be normal - and this is the smallest YoY increase since October 2017.