by Rick Delgado
on Thursday, April 14th, 2016 at 10:21am.
Sales of Sacramento homes, condos and townhomes took a large leap in March compared to the number of sales in February.
According to the Sacramento Realtors Association, the sales volume last month jumped 33.1% from February with 1,440 units selling, compared to 1,082 in February, showing that the Greater Sacramento area real estate market is enjoying a solid early spring.
For year-over-year sales, this March is up 4.7% after 1,376 homes were sold in March 2015.
Additionally, pending sales went up for the second straight month, up 15.4% from 1,251 to 1,444 from February - another significant jump.
In terms of home prices in the Sacramento area, the month-to-month median sales price went up from $299,000 to $307,000, a 2.7% increase and a 9.2% leap from March last year.
While homes have more value, they're all selling faster. The average days on market (DOM) went down from 36 to 30 days, with the median DOM decreasing from 15 to 12. Technically, these figures show the days between the initial listing of the home as "active" to the day it goes "pending sale".
As far as inventory goes, the total number of active listings increased 12.4% from February (1,755 to 1,973), but the months of inventory actually went down from 1.6 to 1.4 months.