Market picks up in February:
sales climb, price steady February closed with 699 sales, a 22.2% increase from January (572). Compared to one year ago (1,082), the current figure is still down 35.4%. Of the 699 sales this month, 105 (15%) used cash financing, 432 (61.8%) used conventional, 98 (14%) used FHA, 49 (7%) used VA and 15 (2.1%) used Other† types of financing. The chart below shows percentage of sales by types of financing since September 2011.
The median sales price remained unchanged at $499,000. This figure is a 7.6% decrease from February 2022 ($540,000). The median sales price shows that exactly half of the monthly sales are above this price and exactly half of the sales are below this price.
The Active Listing Inventory decreased 14.5% from January to February, from 1,300 units to 1,111 units. Compared with February 2022 (890), inventory is up 24.8%. The Months of Inventory decreased from 2.3 Months to 1.6 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 29 to 22 and the Average DOM increased from 44 to 45. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 699 sales this month, 54.6% (382) were on the market for 30 days or less and 71.3% (499) were on the market for 60 days or less.
The Average Price/SqFt of all homes sold increased from $317 to $323. Compared to one year ago ($355), this is a 9% decrease. See all statistical reports compiled by the Sacramento Association of REALTORS®.
Tony Vicari, Director of Communications