April was a Seller’s market!
Property Sales (Sold)
April property sales were 888, up 7.4% from 827 in April of 2023 and 9.4% higher than the 812 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 400 units of 47.6%. This year’s bigger
inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current
inventory was up 14.2% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 10.8% in the pended properties in April, with 1,040 properties versus 939 last month. This month’s pended property sales were 13.4% higher than at this time last year.
The Average Sold Price per Square Footage was Neutral*1
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The April 2024 Average Sold Price per Square Footage of $341 was down 0.6% from $343 last month and up 3.3% from $330 in April of last year.
The Days on Market Showed Downward Trend*2
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for April 2024 was 18, down 30.8% from 26 days last month and down 48.6% from 35 days in April of last year.
The Sold/Original List Price Ratio was Rising*3
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates
more of a Seller’s market. This month Sold Price vs. Original List Price of 101% was up 1% % from last month and up from
3.1% % in April of last year.
The Average For Sale Price was Neutral*4
The Average For Sale Price in April was $763,000, down 3.5% from $791,000 in April of 2023 and up 0.1% from $762,000 last month.
The Average Sold Price was Appreciating*
The Average Sold Price in April was $600,000, up 4.2% from $576,000 in April of 2023 and up 0.5% from $597,000 last
month.
The Median Sold Price was Appreciating*
The Median Sold Price in April was $550,000, up 6.8% from $515,000 in April of 2023 and the same as last month.
Summary
April 2024 was a Seller’s market! The number of for sale listings was up 47.6% from one year earlier and up 14.2% from the previous month. The number of sold listings increased 7.4% year over year and increased 9.4% month over month. The number of under contract listings was up 10.8% compared to previous month and up 13.4% compared to previous year. The Months of Inventory based on Closed Sales was 1.4, up 39.3% from the previous year.
The Sacramento Association of REALTORS ® is a professional association representing over 7,300 real estate professionals doing business in the greater Sacramento metropolitan area. All SAR statistics reports compiled by SAR Director of Communications. Statistics are derived from the MetroList® MLS database for Sacramento County and the City of West Sacramento.
†Other financing includes 1031 exchange, CalVet, Farm Home Loan, Owner Financing, Contract of Sale or any combination of one or more
