Sacramento Real Estate in March: Sales up 10% YoY, Active Inventory down 45% YoY
From SacRealtor.org: Sales volume up 25% over Feb., sales price over $480k
March closed with 1,292 sales, up 25% from the 1,034 sales in February. Compared to one year ago (1,170), the current figure is up 10.4%.
The Active Listing Inventory increased 9.4% from February to March, from 839 units to 918 units. Compared with March 2020 (1,658), inventory is down 44.6%. The Months of Inventory decreased from .8 Months to .7 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) remained at 6 and the Average DOM decreased from 15 to 13. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,292 sales this month, 91.2% (1,178) were on the market for 30 days or less and 96.5% (1,246) were on the market for 60 days or less.
Click on graph for larger image.
This graph from the Sacramento Association of REALTORS® shows single family sales and inventory since February 2018. Usually inventory (red) was higher than sales (blue), but now there are more sales each month than inventory. Inventory declined sharply during the pandemic.