Real Estates New Problem - Not Enough Homes

By
Real Estate Agent with HomeSmart Realty West BRE #01786169

Can it be possible? Despite the housing bust and high foreclosure rates, in some areas we don't have enough homes to sell.

 

There is currently an eight-month supply of homes on the market -- meaning that, at the current sales pace, it would take eight months to run through the backlog.

 

That's still a lot compared to the six-month supply that is expected in a normal market, but it is much better than it was. In March, there were nearly 2% fewer homes on the market than there were a year ago, and 21.7% fewer than the record of 4.6 million in July 2008.

In California, almost all cities have a short supply of single-family homes. That's especially true in the lower-priced categories, according to Leslie Appleton-Young, chief economist for the California Association of Realtors.

The supply of homes that sell for less than $300,000 is at 3.2 months statewide, down from an already low 3.3 month supply 12 months ago.

Inventory of moderately priced homes, those between $300,000 and 500,000, fell to 4.2 months in March, down from 4.5 months in March 2009.

There are plenty of more expensive homes in California, but this inventory is going quick: inventory for million-dollar-plus homes has dropped from 21.6 months to 10.9 months.

What is your price range for purchasing a home in Carlsbad, Encinitas, Cardiff, Rancho Santa Fe and any other community from Old Town to Oceanside?

Call or email me today cell 858-504-0449, RobDennyHomes@gmail.com!

RELAX... i’ll handle the details.

Comments (2)

Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

Hard to believe, but with all the holding back and new programs that are just now getting to move - it is possible.  In this market everything is possible.

May 24, 2010 02:11 AM
Dan Benefield
Benefield Realty - Decatur, GA

That's good information Rob. Thanks for posting. Have a great week!

May 24, 2010 02:13 AM

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