Dwindling Inventory Continues as Challenge for Home Buyers in Sacto

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Real Estate Agent with GreatWest Realty DRE# 00827565

Sacramento County’s housing statistics for the month of October continued to reflect the shrinking inventory of homes listed for sale in the Greater Sacramento region.  This trend has continued for several months now, and has moved our region from a buyer’s market to a seller’s market.

 

The graphs provided below, drive home the difference a year has made.  The top graph compares numbers for October 2011 vs. October 2012 “For Sale – Sold – Pended” homes in all of Sacramento County.   The lower graph provides the stats for September 2011 to September 2012.

Interest rates continue at historic lows.  Modest home value gains have been made.  But unlike the same period in 2011, available homes listed For Sale, are significantly reduced!

 
 
 
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Ambassador
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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

Hi Myrl, Slaes are not loking bad but the months ahead could be troublesome if the inventory doesn't improve. Prices are bound to be affected soon if demand stays up. I had quite a few calls the last couple of days. Seems some sellers think now and right after the holidays is the time to sell. 

Nov 09, 2012 12:24 PM #1
Rainmaker
1,763,811
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

Homes available For Sale really have dropped in a year Myrl.

 

Nov 09, 2012 04:31 PM #2
Rainmaker
2,517,970
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

William - I suspect this coming spring will see a record number of housing starts in the construction industry.  Hopefully enough to alleviate the shortage we see now.

Tom - When I look at those stats, I say, "Who would have thunk it?"

Nov 09, 2012 10:00 PM #3
Rainmaker
1,433,977
Yolanda Cordova-Gilbert
Richmond, TX

Myrl,

           I hope housing starts conitnue, in our neck of the woods we suspect we will see many resales going on the market for all those holding off until the market improved. I hope you are having a wonderful weekend!

Nov 10, 2012 02:48 AM #4
Rainmaker
2,189,557
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

It's even worse when you look back on the numbers in Sacramento from 5 years ago. We have 10% of that inventory. Yup, we lost 90% over the past 5 years. It's a crazy insane market. We're directing some of our traffic to new home sales where there is no fighting, no competition, no multiple offers. I've got buyer's agents calling me and asking when I'm going to list some more short sales. Short sales? They're dying to buy short sales. LOL.

Nov 10, 2012 06:07 AM #5
Rainmaker
2,517,970
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Yolanda - I'm having a crazy relaxed weekend.  I almost feel guilty over it:-)

Elizabeth - It has been the crazy cycles in real estate over the decades that have never failed to amaze me.  I think it is how quickly things can change that seem the most astonishing!  There seems to be an awful lot of houses that has morphed into rental property during this last cycle.  If I were just starting a real estate career today, I'd look strongly at property management, rather than sales.

Nov 10, 2012 06:36 AM #6
Ambassador
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Myrl  I am hoping Spring will improve imventory now that prices are recovering

Nov 10, 2012 06:49 AM #7
Rainmaker
5,345,885
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Many home buyers are shocked to find that they have multiple contract competition when they thought a low offer would be the best approach.

Enjoy the weekend.  Be sure to have your camera in hand to capture the special moments that you will want to share.

Chrysanthemum + Imagination

Nov 10, 2012 10:29 AM #8
Rainmaker
504,688
Teral McDowell
Referral Patners LLC - Murphy, TX

Mryl, interesting turnabout; we've seen some of the same in Dallas.

Nov 10, 2012 11:35 AM #9
Rainmaker
928,622
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Hi Myrl, supply and demand works hand in hand. Inventory going down is good, if the trend continue home prices will go up.  

Nov 10, 2012 12:50 PM #10
Rainer
140,310
Michele Norris
Crystal Realty - Incline Village Nevada - Incline Village, NV
((( Buy or Sell, Call Michele ))) Lake Tahoe NV
Myron, we're seeing a similar market up at Incline Village, Nevada--North Lake Tahoe. With inventory shrinking, it's getting a lot easier to keep track of each available property, that's for sure!
Nov 13, 2012 07:56 PM #11
Rainer
140,310
Michele Norris
Crystal Realty - Incline Village Nevada - Incline Village, NV
((( Buy or Sell, Call Michele ))) Lake Tahoe NV
Myrl, oops, sorry about the typo on your name! Was that me or my fancy AutoFill?!
Nov 13, 2012 07:59 PM #12
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Rainmaker
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Myrl Jeffcoat

Greater Sacramento Real Estate Agent
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