It must be December. According to Movoto Real Estate data, home inventories dropped 9%, or 9,551 homes, and have reached an annual low during the month of December. In typical fashion, inventory decreases during the colder months, then will begin to rise again in January.
However, for 2012 as a whole, inventory bucked traditional trends of peaking during the summer months. Instead, total inventory followed a steady decline to end the year 27% lower than December of 2011.
Movoto suggests that the decline in inventory is due to homeowners reluctant to sell their homes because of underwater mortgages or a belief of continued price increases. An increase in investor demand and a decrease in bank foreclosures also have affected the inventory.
Las Vegas Tops List of Best Places to Sell a Home
Using a combination of market statistics, which includes a city’s median list price and median days on market, Las Vegas moved up 3 spots in the Top 10 to be considered the top city for home sellers. The west coast continues to rank highly as well filling all the spots in Movoto’s Top 10 Cities for Home Sellers.
The Top Ten Cities For Sellers:
1. Las Vegas (+2 change in standing)
2. San Diego (+2)
3. Phoenix (-1)
4. Mesa (-3)
5. Los Angeles (+3)
6. Fresno (+ 6)
7. Oakland (-2)
8. San Francisco (-1)
9. Portland (-3)
10. Long Beach (0)
Read the full report here: http://www.movoto.com/blog/market-trends/january-2013-state-of-the-market-inventory-is-down-way-down/
Comments(0)