March Real Estate Market Update - Inventory Surges Over 50% Year-Over-Year, Yet Demand Still Outpaces Supply

Spring has sprung, and the Sacramento County real estate market is in full bloom! Let's dive into the latest numbers and see what's been happening in March.

Sales Volume:
In March, the county saw a significant surge in sales volume, with 832 transactions closed. That's a 14% jump from February, indicating a strong uptick in buyer activity. While this number is slightly lower than last year's figures, the market remains robust.

Sales Price:
Median sales prices also saw a healthy increase, climbing by 2.8% to reach $550,000. Compared to March 2023, this marks a substantial 9.9% rise. It's a clear indicator of the market's strength and continued appreciation in property values.

Listing Inventory:
One of the most notable changes in March was the increase in listing inventory. The number of available homes rose by 14.7%, reaching 1,355 units. This is a significant jump from last year, with inventory up by an impressive 54.2%. Despite the increase, the Months of Inventory remained steady at 1.6, highlighting the continued demand in the market.

Days on Market:
Homes are flying off the shelves faster than ever, with the median Days on Market dropping to just 9 days. This is down from 16 days in March 2023, indicating a swift pace of sales. A whopping 74.8% of homes sold within 30 days, and 85.5% within 60 days, demonstrating the high demand and competitiveness in the market.

Conclusion:
The March market update for Sacramento County paints a picture of a vibrant and dynamic real estate landscape. With increased sales, rising prices, and a growing inventory, it's an exciting time for both buyers and sellers. As we move further into the spring season, we can expect the market to remain active, presenting ample opportunities for those looking to buy or sell a home.

Stay tuned for more updates as we continue to monitor the pulse of the Sacramento County real estate market!

DOWNLOADABLE MARKET SNAPSHOT 

For a quick view of the Sacramento real estate market's performance in March 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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