by Rick Delgado
on Thursday, May 19th, 2016 at 10:14am.
Real estate in Sacramento continues to steadily sell, with April housing statistics showing overall sales increased 7.9% from the month of March, with 1,554 residences sold - compared to 1,440 in March.
Interestingly, the active listing inventory went up by 6.5% from March, however the months of inventory remained static at 1.4 months. And, when compared with April last year, the overall inventory is down by 17.4%.
In terms of home prices in the Sacramento area, the median price went up by 1% from $307,000 in March to $310,000 last month. In April, 2015 the median price was at $281,000. By way of comparison, homes back in August of 2005 (the peak median home price in Sacramento) were quite a bit more expensive at $392,750.
The lowest median sales price in Sacramento came during the peak of the housing crisis: $160,000 in January 2012.
Additionally, homes in April sold in 25 days compared to 30 days on the market in March. The median number of days on the market went down from 12 to 10 (the number of days a new listing goes from active to pending. Actually some 52% of homes were sold in less than 10 days.
Back in January this year, the average home price in Sacramento was $284,900, so prices have gone up by almost 10% so far in 2016.
Condo sales were up by 14% over March and units were selling for $170,000, which is a significant jump (7.1%) from the median price in March of $159,000. Year over year condominium sales are up 19.7% from 2015.
The average number days on the market for Sacramento condos is 21 days, three less than in March.