Spring surge sees sales jump, sales price and inventory follow
Sales Volume
- March closed with 832 sales – a 14% increase from February (730 sales)
- 8.2% less sales than March 2023 (906 sales)
- Conventional Financing accounts for 63.2% of sales this month, Cash and FHA at 17.8% and 11.9%, respectively
Sales Price
- Median sales price increased 2.8% from $535,000 to $550,000
- 9.9% increase from March 2023 ($500,500)
- 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 14.7% from February to March, from 1,181 units to 1,355 units
- Compared with March 2023 (879), inventory is up 54.2%
- The Months of Inventory remained at 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 11 to 9, down from 16 in March 2023
- Of the 832 sales this month, 74.8% (622) were on the market for 30 days or less and 85.5% (711) were on the market for 60 days or less
Summary
Sales volume sees spring increase, same for median sales price. Inventory jumps, up 54% from 2023. Homes sales pick up speed as more buyers enter market.
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