Decline in Inventory of Homes for Sale
How is it possible when just a short while ago there seemed to be more houses than buyers, there now is a definite lack of inventory of homes for sale?
Please take the time to read what I am about to say. It is important, and it can help you in this real estate market.
We’re going to take a look at data from real estate website Movoto.com from the end of February 2013. Their data says that there were over 92,000 homes listed for sale across the country. That is DOWN over 20% nationally, a significant drop in inventory for sale from one year to the next. Keep in mind some markets like Baltimore, Philadelphia, Miami, Tucson and Colorado Springs had significantly MORE homes for sale over that time period, so an overall decline in homes for sale nationally is significant.
Now, do you know what area had the greatest DECLINE of homes for sale in that period? It was Sacramento with an incredible 72.9% decline in houses listed. Yes, in one year, available houses for sale in Sacramento dropped almost 73%!
We were followed by Oakland (down 62%), San Francisco (down almost 59%) and Long Beach (down over 52%). After Boston’s 50% decline in inventory from a year ago, three other California cities were next in line for showing the biggest dips in houses for sale.
If you have been standing on the sidelines in the real estate market since 2008 or so, this should get your attention. Contact me and let’s talk about it. Let’s see how together we can help you take advantage of this shortage of houses for sale in our real estate market.