Holidays marked with lower inventory & lower median prices

Sacramento Homes for Sale

In Sacramento County last month, the inventory of active listings decreased 17.4% to 2,197, down from 2,659 units in October. However, year to year the November 2013 number is 56.8% over the 1,401 units that were actively listed in November 2012. If you are looking at Sacramento real estate, there is still a very low inventory of homes for sale in Sacramento, 1.9 months of inventory, which is the same number as in October 2013. This “inventory” number is the number of months it would take to deplete the current inventory at the current sales rate. Last November, there was only .9 months of inventory, so this November’s inventory number is 111.1% higher than it was in November 2012.

Last month there was a 3.4% reduction in the month-to-month median sales price from $253,500 to $245,000, which is still 25.6% above the $195,000 median sales price in November 2012.

Sales volume was also down 17% in November, a result of the decreased inventory.

There was an increase in the average number of days spent on the market (from listing date to the opening of escrow) from 27 to 29 in November, and the median days on the market increased to 17.

The Sacramento condominium resale market also slowed in November, down 9.3% from October, but the same number as sold in November 2012. There was an increase of 8.2% in the median month to month condominium sales price, $116,500 to $126,000. This price is still 37% higher than the $92,000 median sales price in November 2012.

The active listing inventory of condominiums also fell in November, 8.2%, from 219 in October to 201 in November.