Sales Moving, Inventory Growing and Seller Savvy an Increasing Must – A Look At Our Markets

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Here’s a look at how we are doing in the real estate market, in terms of the number of homes that have sold in comparison with six months ago, the size of inventory we are seeing on the market, how that inventory has been performing in terms of sales and how long it is taking on average.

Homes For Sale

Right now in Alameda and Contra Costa Counties things are not looking too bad.  With a current figure of over 8,000 homes for sale on the market as compared to January’s number of available homes at 7,300 – the outlook is good, especially during the summer when it is a better selling season.   With inventory beginning to slowly inch upward we can see the beginnings of stabilization of the market on the horizon.

New Homes On the Market

As we enter the last six months of the year, we are noticing some changes in terms of homes on the market for sale.  Currently there are 8,000 homes listed on the market in the Alameda and Contra Costa vicinity while in January we reported 7,300 homes as being available.  The slow and steady rise in inventory is acceptable but the consequences also mean that prices play “catch up” and dip to accommodate heightened supply and diminished demand.

Homes Being Sold

The number of homes that have gone into escrow in over the last 30 days is 3,300.  Looking back to January, the same figure represents about a third less.  The main thing to keep focused on is that the property market is moving.

Focusing on home sales during the last month we are seeing a total of about 2,500 homes, which compared to the January equivalent of 2,000 is not too bad even though the market is slightly declining.

Market Stats and Days On Market

Looking at the activity in terms of what is coming on the market – right now we are seeing around 200 homes that are coming on in the market each month– but if we look back in January, it was only about 63 new listings during the month.  That’s a significant change and what it means for you, as a seller is the importance of getting right the price you set to sell your home.  The best way to seize the buying market right now during a time like this is to price your home at or slightly below fair market value.

As compared to six months ago when the average Days On Market was around 41, at this time of year we are seeing a slight increase in time that a property remains on the market at about 43.  Analyzing our current inventory levels shows that our supply at the moment is at about three months.  In other words, assuming that no new homes are placed on the market, at the current levels it would take about three months for all the homes on the market right now to sell.  Factor in the additional 200 homes per month that are being listed and you can see how our market is performing in this cycle.
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The bottom line is this:  Inventory is slightly up, prices are continuing to dip, we are seeing some movement in terms of home sales and activity plus our average Days on Market is reasonably level for now.