Sacramento Condos for February: the Numbers

Median price actually rose for Sacramento condos in February 2008. Yes, that's right - it rose. And even though this might be seasonal, I'll take my good news wherever I get it. So there.

Median price for condos in Sacramento was up 18.9% from January to hit $170,000.

Pending sales were higher as well at 116 over January's 93. Solds were at 59.

There are two things that stick out at me as I look at these numbers: For one, the number of pending sales do not equal the number of solds the following month. With the huge gap between the two, it makes me wonder if it is just the short sales that aren't going through that show up pending every month and cause problems with the stats, or if it really is people changing their minds. Too much choice can be pretty disconcerting for a lot of otherwise happy home buyers.

The second thing that I notice that is actually good news is the number of houses entering the market every month has dropped. If you looked at the numbers for single family residences in Sacramento posted Friday, it told the same story. For condos, new active inventory has dropped by 16.1% to 163 units in February.

That brings the Sacramento condos inventory to 11.9 months of inventory, lower than last month's 18.7 months'.

Can't get enough of the numbers? Read January's numbers; December's condo numbers, November's condo numbers.

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