Friday, April 10, 2020

Sacramento Housing in March: Sales decline 11.4% YoY, Active Inventory down 11.9% YoY

by Calculated Risk on 4/10/2020 08:52:00 AM

The housing market will slow sharply soon, but here are the stats from March.  Note that March sales are for contracts typically signed in January and February - before the COVID crisis.

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

March closed with 1,170 sales, up 15.4% from the 1,014 sales in February. Compared to one year ago (1,320), the current figure is an 11.4% drop.
...
The Active Listing Inventory increased 16.6% from February to March, from 1,422 units to 1,658 units. Compared with March 2019 (1,883), inventory is down 11.9%. The Months of Inventory remained at 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.
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The Median DOM (days on market) decreased from 10 to 8 and the Average DOM decreased from 29 to 26. “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 1,170 in March, down 11.4% from 1,320 in March 2019. Sales were up from February 2020 (previous month).

2) Active inventory was at 1,658, down from 1,883 in March 2019. That is down 11.9% year-over-year.  This is the eleventh consecutive month with a YoY decline in inventory.