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Where's the "Move-Up" market gone too in California?
Our market in certain price points is a very hot "Seller's" market. If you are a bank/REO seller, we have a 1.5 months supply of homes available on the market. Overall, our supply is around 4 months. CAR states 6 months supply is a "balanced" market. However, Short-Sales? Over 7 months supply, 190 days on the market for solds! Now here's the conundrum of this "hot" market where our sales in December BEAT our July sales numbers!
Our sales in the REO/Short-Sales/New Home product categories, all Sellers who will NOT BUY UP, equate to 73% of ALL SALES!! And this market is 85% sub $500,000. Has there EVER been numbers like this before? And what does this portend for overall market stability? At first blush, the mid/upper end looses the "food chain" effect as 3 out of 4 Sellers are NOT going to be buying! How can we reverse this? But if our sales are predominantly in these market segments, what will it take to get regular home sellers to start pricing right to sell?
It is a riddle, wrapped in a mystery, inside an enigma!!
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