Archive for the ‘Real Estate trends’ Category

Inventory pattern is currently stable for Benicia and Vallejo.

We have seen a shrinking inventory for the last year.  In Vallejo we have gone from 1,500 active home listings to 225 homes.  In Benicia, 100 active home listings to recently 60.

However, the pattern appears to be changing again.  The last couple of weeks inventory is staying about the same.  What is going on?

When we look at the sales data, it is similar as before.  However, when we look at “New Listings” they are up.  

My conclusion is that the post moratorium release of foreclosed homes is the main cause for the additional listings.  Also, there are an unusually high amount of “Failed Sales”.  This appears to be caused from financing issues and appraisal issues.

I expect this pattern to continue for the next couple of months.

June Inventory for Vallejo and Benicia

Vallejo Inventory has continued to diminish to approximately 275 homes.  For the last 8 months, the inventory has been steadily diminishing at the rate of approximately 75-100 less homes per month!  However, in the last few weeks this inventory is not dropping as fast.  However, there is still lots of competition on properties.   From a Buyers perspective, well priced homes generally have more than one offer.   If the property is priced low,  we are seeing 5-20 offers and the final price is 10-20% over the asking price!

In Benicia, inventory has been more stable for several months with approximately 60-70 homes for sale.  Homes don’t generally sell immediately unless priced lower compared to the rest of the inventory.   There is good buying interest overall, and buyers are acting quickly when they like the property and price!