February Real Estate Market Update: Sales Volume and Median Prices Rebound, Homes Selling Faster

February brought a promising resurgence in the real estate market, with notable increases in sales volume, median sales prices, and quicker turnaround times for home sales. Here’s a breakdown of the key highlights from last month's data:

Sales Volume:
- February saw a total of 730 sales, marking a significant 19.7% increase from January’s 610 sales.
- Compared to February 2023, there was a 4.4% uptick in sales volume, reflecting a growing demand in the market.
- Conventional financing accounted for the majority of sales at 64%, followed by cash transactions at 17.9% and FHA at 13.3%.

Sales Price:
- The median sales price experienced a notable 3.9% uptick, rising from $515,000 to $535,000.
- This increase represents a 7.2% jump from February 2023, highlighting sustained growth in property values.
- The median sales price serves as a pivotal indicator, representing the midpoint where half of the sales fall above and half below.

Listing Inventory:
- Listing inventory expanded by 6.1% from January to February, climbing from 1,113 units to 1,181 units.
- Compared to February 2023, inventory witnessed a 6.6% increase, indicating a broader selection of homes for buyers.
- Despite the rise in inventory, the months of inventory decreased from 1.8 months to 1.6 months, signaling a tightening market.

Days on Market (DOM):
- The median DOM decreased significantly from 21 to 11 days, down from 26 days in February 2023.
- Notably, 67.1% of February’s sales were on the market for 30 days or less, with 85.1% selling within 60 days.

February showcased a robust rebound in sales volume and median sales prices, accompanied by an increase in inventory. Moreover, homes are selling at a faster pace, as reflected in the declining median DOM. As the market continues to evolve, it's crucial for both buyers and sellers to stay informed about these trends.

With an average price per square foot of $343 for Sacramento County, the market presents opportunities for those looking to buy or sell. As we move forward, staying attuned to these market dynamics will be essential for making informed real estate decisions.

Stay tuned for further updates as we navigate through the ever-changing landscape of Sacramento’s real estate market.

DOWNLOADABLE MARKET SNAPSHOT 

For a quick view of the Sacramento real estate market's performance in January 2024, download my comprehensive Market Snapshot. This valuable resource provides an in-depth analysis of current market trends, including sales volumes, pricing data, inventory levels, and much more. Whether you're a buyer, seller, or investor, our Market Snapshot offers the insights you need to navigate the market confidently. Click here to access your free download and stay ahead with the latest market intelligence.

Stats courtesy of the Sacramento Association of REALTORS®, a professional association representing over 7,300 real estate professionals doing business in the greater Sacramento metropolitan area. All SAR statistics reports compiled by Tony Vicari, SAR Director of Communications. Statistics are derived from the MetroList® MLS database for Sacramento County and the City of West Sacramento. †Other financing includes 1031 exchange, CalVet, Farm Home Loan, Owner Financing, Contract of Sale or any combination of one or more.

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