The number of homes for sale is up a little in Sacramento County. But they're not staying on the market long.
Month over month numbers show the inventory of active listings increased by nearly 4 percent between February and March to more than 1,500 homes. And the Sacramento Association of Realtors says the number of pending sales went up by 50 percent month-over-month.
"It's not surprising to me that we're having a big jump. This is typically the time we do," says Paula Swayne with Dunnigan Realtors in Sacramento.
She says people like to put their homes on the market in spring.
"March, April and May typically are our biggest months," says Swayne. "I think a lot of people like to put their houses on the market when they're really pretty with lots of colors and flowers. So those are typically the months we do have bigger sales."
But those 1,500 homes listed in March was down about 23 percent from a year ago when there were nearly 2,000 homes listed.
Meanwhile, the median sales price in March of $328,000 was up from $307,000 a year ago.
"We're selling a lot," says Swayne. "But they're selling as soon as they come on the market. So our inventory remains low. We have way more buyers than we do listings. So buyers generally are jumping at just about anything that fits their parameters. And so the buyers are making multiple offers and obviously what happens is our days on market continue to drop."
The average amount of days-on-market dropped from 35 in February to 27 in March. More than 75 percent of all the homes sold in March were on the market for a month or less.