Big Home Sales Increase Over Last Month in Sacramento
by Rick Delgado
on Thursday, March 17th, 2016 at 1:33pm.
After a fairly sluggish January, Sacramento homes sales have picked up the pace.
According to the latest stats from the Sacramento Realtors' Association, February saw sales volume ramp up by 12.3% from January, with 1,082 homes sold. Last month 963 homes were moved.
February 2016 sales were down ever so slightly from a year ago, when there were 1,098 homes sold.
Pending sales went up 13.9% from 1,098 to 1,251. Compared with February 2015, the current number is up .3% (1,247).
Meanwhile, the median sales price jumped up 4.9% from January this year, going from $284,900 to $299,000. This is also a 5.6% jump from February last year, when the median sales prices was $283,000.
And the good news for those thinking of selling their homes, is the active listing inventory decreased by 3% (from 1,810 to 1,755 units) and the months of inventory went down to 1.6 months from 1.9 months in January. Also too, the year-to-year inventory is down 23.8%, which is significant.
More good news for home sellers is the average days a home sits on the market decreased to 36 days from 39 days in January. And the median days on market went down a lot, from 23 days to 15 days, so homes are definitely moving faster than last month. Specifically, these numbers show the days between when a home went "active" as a listing and the day it becomes a "pending" sale.
The SAR broke down the days on market by showing 688 listings were sold between 1 and 30 days, 164 sold between 31-60 days, 104 sold between 61-90 days, 61 between 91-120 days and 65 sales that were on the market for more than 120 days.
The hottest areas in terms of number of homes sold in the Sacramento region were Elk Grove and Natomas/Del Paso Heights with more than 100 sales, Folsom with 43 sales and Carmichael with 41 homes sold.