Realtor Magazine has been covering the staggering drops in real estate inventory for many of the nation's largest metropolitan areas this year. We're seeing no end in sight to the tight inventories of many U.S. cities, especially those on the West Coast with strong employment pictures.
Seattle real estate once again checked in at a high position, with a 42.23 percent drop in July as compared to the same month in 2012. For every 10 homes available last year, there are just 6 homes available this year. Many homeowners can't list because they are underwater, and banks have not release many foreclosures during 2012.
The overall trend has served to bolster real estate prices in Seattle throughout the year, with our first yearlong upward trend in over five years. Sales are still brisk, so the low inventory numbers will likely continue through the end of 2012.
From Realtor Mag:
While buyer demand is picking up, many consumers increasingly are finding fewer choices in housing these days. The number of homes for sale continues to remain at record lows with the nationwide inventory of for-sale single-family homes, condos, townhomes, and co-ops is about 19 percent below inventory levels from a year ago, Realtor.com reports in its analysis of July housing data of 146 markets.
“Low inventories, combined with rising list prices and lower times on market, are positive signs that the overall market is in a stabilization mode,” Realtor.com reports.
Median asking prices were 2.63 percent above list prices in July, and the median age of the housing inventory has fallen about 9 percent in that time period, Realtor.com reports.
California cities have seen some of the largest drops in inventory levels in the past year, as well as some of the largest price increases.
13 Metros With Largest Inventory Drops
The following metro areas have seen the largest drops in inventories of for-sale homes in the past year (July 2012 compared to July 2011):
1. Oakland, Calif.: -59.30 percent
2. Fresno, Calif.: -47.81 percent
3. Bakersfield, Calif: -44.71 percent
4. Seattle-Bellevue-Everett, Wash.: -42.23 percent
5. San Jose, Calif.: -41.76 percent
6. San Francisco, Calif.: -40.26 percent
7. Stockton-Lodi, Calif.: -40.24 percent
8. Riverside-San Bernardino, Calif.: -40.03 percent
9. Atlanta, Ga.: -38.27 percent
10. Sacramento, Calif: -36.43 percent
11. Santa Barbara-Santa Maria-Lompoc, Calif.: -34.89 percent
12. San Diego, Calif.: -34.55 percent
13. Phoenix-Mesa, Ariz.: -34.37 percent
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
Data Source: NWMLS - The Northwest Multiple Listing Service did not compile or publish this information.