The numbers for February just came out, and as I suspected - pending sales are up...and not just a slight jump. They are up about 37%! In addition, the average home selling price rose from $277k to $281k in Sacramento County.
Some other interesting tidbits of information...bank owned property pending sales represented 1,003 of the 1,681 transactions in March! The average amount of listing inventory based on pending sales in March in Sacramento County was 5.3 months. The average amount of Bank-owned listing inventory based on pending sales for March in Sacramento County is 2.5 months.
Don't misinterpret my message...I still think we are in a heavily lopsided buyer's market in most parts of Sacramento County. I will be curious to see if this increase in activity continues in March. My sense is that it will - if my own personal activity is any reflection of the rest of the market's activity. I suppose we will see next month when the March numbers are released. If anyone is interested in viewing more charts for specific areas, please let me know and I am happy to email them to you.
Source: Trendgraphix & Metrolist MLS
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