by Calculated Risk on 5/13/2021 01:03:00 PM

Note: I'm tracking data for many local markets around the U.S. I think it is especially important to watch inventory this year.  Remember sales were weak in April 2020 due to the pandemic, so the YoY sales comparison is easy. 

From SacRealtor.org: County median sales price nears $490,000, sales volume up 19%

April ended with 1,540 sales, up 19.2% from the 1,292 sales in March. Compared to one year ago (1,013), the current figure is up 52%.
...
The Active Listing Inventory increased 9.6% from March to April, from 918 units to 1,006 units. Compared with April 2020 (1,823), inventory is down 44.8%. The Months of Inventory remained at .7 Months.
...
The Median DOM (days on market) remained at 6 and the Average DOM decreased from 13 to 11. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,540 sales this month, 93.4% (1,439) were on the market for 30 days or less and 97.2% (1,498) were on the market for 60 days or less.
emphasis added

Click on graph for larger image.

This graph from the Sacramento Association of REALTORS® shows single family sales and inventory since March 2018. Usually inventory (red) was higher than sales (blue), but now there are more sales each month than inventory. Inventory declined sharply during the pandemic.

Note that inventory in April was up 9.6% from last month.