Sales volume, median sales price rebound for February, homes selling faster
Sales Volume
- February closed with 730 sales – a 19.7% increase from January (610 sales)
- 4.4% more sales than February 2023 (699 sales)
- Conventional Financing accounts for 64% of sales this month, Cash and FHA at 17.9% and 13.3%, respectively
Sales Price
- Median sales price increased 3.9% from $515,000 to $535,000
- 7.2% increase from February 2023 ($499,000)
- 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
Listing Inventory
- Listing Inventory increased 6.1% from January to February, from 1,113 units to 1,181 units
- Compared with February 2023 (1,111), inventory is up 6.6%
- The Months of Inventory decreased from 1.8 Months to 1.6 Months
- Months of Inventory represents the amount of time (in months) it would take for the current rate of sales to deplete the total active listing inventory
Days on Market
- Median DOM (days on market) decreased from 21 to 11, down from 26 in February 2023
- Of the 730 sales this month, 67.1% (490) were on the market for 30 days or less and 85.1% (595) were on the market for 60 days or less
Summary
Sales volume rebounds in February, median sales price follows. Inventory also sees increase. After a lull, homes are selling
faster. Average Price/SqFt sits at $343 for Sac County.
