From SacRealtor.org: Inventory continues upward trend, sales price stalls for 3rd month
August closed with 1,676 sales, a 4.9% increase from the 1,566 sales of July. Compared to August last year (1,734), the current figure is a 3.3% decrease.CR Note: Inventory is still low, but up significantly year-over-year in Sacramento.
The Active Listing Inventory increased 10.2% from July to August, up from 2,875 to 3,167 units. [inventory is up 22.1% YoY from 2,593 in August 2017]. The Months of Inventory increased from 1.8 to 1.9 Months. This figure represents the amount of time (in months) it would take for the current rate of sales to deplete the total active listing inventory.
The Average DOM (days on market) increased from 22 to 24 from July to August and the Median DOM increased from 12 to 14. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,676 sales this month, 74.2% (1,244) were on the market for 30 days or less and 91% (1,526) were on the market for 60 days or less.