I Looked at the monthly numbers when I was doing my monthly newsletter and its my opinion that we have finally hit the bottom of the market. For San Benito County its been the first time since June of 2008 that we have had under 50 closings. The new listings are up a bit, Total single family dwellings remains constant from last month at around the 270 level (inventory is thin) -our market has not have this few listings for the past three years.
Santa Clara had over 1100 closings last month - the highest number in three years. Total inventory is about 4100 sing family dwellings which is the lowest since December 2007. When presenting offers for homes under $350,000 - there is a flood of them.
I keep hearing that there is going to be a second wave of REO's hitting the market - no one can tell with any confidence when or if this will happen. Its possible the Banking and REO assent management industry are managing the flow of homes to reverse the downturn in prices. Time will tell if this is the case.
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