In line with recent reports of national contract activity, the number of houses pending contract in my search criteria is at its lowest point ever. While I have not been through an entire RE cycle here in Sacramento (we moved here in late Oct early Nov), I can't imagine this is normal. Of the 100 houses that meet my search criteria on the market right now, only 17 are pending.
And they said Folsom and El Dorado Hills wouldn't be affected....ha. Can't wait to see the next month's inventory data for these zips (95630 & 95762)!
Since I started keeping overall stats on my weekly screen scrape (early May) the number of for sale homes that meet my criteria has increased by over 100% (doubled). Meanwhile inventory in those two zips has only increased around 20-30% during that time (I don't have those exact stats....darn it). I like to think this is a good sign....as a percentage more of the homes coming on the market are in my price range.
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3 comments:
Also, I think you can expect that many homes currently on the market will be coming DOWN into your price range by next spring.
If we see higher unemployment, won't we see even more inventory as people are forced to relocate?
yes to #2.
During part one of the real estate slowdown - overbuilding and overlending, the inner cores were somewhat insulated because the inner core didn't suffer from overbuilding but still had pent up demand.
Part #2 of this thing, the implosion of the bond market (people who buy loans) took another 25% (or so) of the buyers from the market, including a higher percentage of jumbo loans - impacting the inner core.
Notice the gold now up past $700? Wondr who's dumping the $$$ ever sooo slooowly. But I just don't see these builders panicking just yet. Went out to look at Centex Seranade II & at $480K well, I can wait till spring.
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