If you’re considering buying or selling a home in the Sacramento area, it’s helpful to understand the area’s most recent real estate market data.
For the month of October, the active listing inventory of homes for sale in Sacramento and West Sacramento decreased 2.7% to 3,434 from 3,529 in September. The active listing inventory for October is still 29.1% greater than it was a year ago in October 2013, when the active listing inventory was 2,659.
Sales volume decreased a modest 1.5% in October to 1,375 from 1,396 in September.
The number of months of inventory remained steady for the month of October at 2.5 months. The months of inventory indicates the number of months it would take to deplete the current inventory of Sacramento area homes at the current sales rate. Anything less than three months of inventory is considered a seller’s market, while four to six months of inventory signals a more balanced and healthy market.
The average sales price of homes in the Sacramento area dropped 3.1%, from $307,781 in September to $298,281 in October. The average sales price of $298,281 is still 12.9% higher than the $260,987 average sales price a year ago.
Sacramento area homes for sale remained on the market a bit longer in October than September. The average days on market increased from 33 to 37 from September to October, and increased from 27 days a year ago.