Thursday, March 19, 2020

Sacramento Housing in February: Sales Unchanged YoY, Active Inventory down 28.7% YoY

by Calculated Risk on 3/19/2020 11:57:00 AM

The housing market will slow soon, but here are the stats from February. Note that the median sales price finally passed the previous high in August 2005 (almost 15 years ago, and not adjusted for inflation).

From SacRealtor.org: February 2020 Statistics – Sacramento Housing Market – Single Family Homes

February closed with 1,014 sales, up 7.4% from the 944 sales in January. Compared to one year ago (1,015), the current figure nearly unchanged.
...
The Active Listing Inventory increased .9% from January to February, from 1,409 units to 1,422 units. Compared with February 2019 (1,994), inventory is down 28.7%. The Months of Inventory decreased from 1.5 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.
...
The Median DOM (days on market) decreased from 17 to 10 and the Average DOM decreased from 33 to 29. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.”
emphasis added
1) Overall sales decreased to 1,014 in February, down 1 from 1015 in February 2019. Sales were up from January 2020 (previous month), and essentially unchanged from February 2019.

2) Active inventory was at 1,422, down from 1,994 in February 2019. That is down 28.7% year-over-year.  This is the tenth consecutive month with a YoY decline in inventory, following 20 months of YoY increases in inventory.