Sacramento Regional Real Estate Trends for August 18, 2012
So it looks like the inventory collapse is real. All three of my sources are showing equivalent, sudden declines. Some market color I've gathered in the last couple of weeks: both the brokers and agents I've spoken to feel prices are trying to rebound, but that appraisers are reluctant to assess much above the recent lows so soon. This means that both the banks (REO) and regular sellers are holding back waiting for more favorable comparables before listing for sale.
Seeing as this selling season is almost over, a lot of sellers are waiting until Spring 2013 before testing the waters again. Of course, to the degree that any market price support is due to sub 4% interest rates remains to be seen as well. I am holding to my hypothesis that the low occurred between 2010 and 2011 in Sacramento, and we've begun a slow, bumpy rise in prices that will last for at least two years. Since housing in Sac (and all of California) has been in a recurring bubble cycle for decades, maybe we'll return to the madness by 2020, just in time for those Millennials to become credit-worthy. :)
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Four County Inventory Levels
Inventory on 2012-08-18: 3875
10 comments :
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This is market manipulation plain and simple! Manipulated by whom and for what purpose I know not. When you look at the spike average asking price levels though, I think they got the effect they wanted
The August 4 report shows a weekly drop of 2399 homes. Where did they go? The only way you’ll get over 2300 individuals to take their homes off the market in the same week is if a freaking asteroid hits Sacramento.
I just can’t wait to hear the spin Sacramento Association of Realtors is going to put on their August press release about this spike in asking prices.
These are treacherous waters for home buyers today.
There is no conspiracy here. The listings formerly included "for sale" & "pending" until the sale closed. Now when a house goes pending, it is removed from the "for sale" inventory. You can add pending sales back in and the stats reflect normal and gradually improving market conditions.
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