Did you know.... That there are currently (at the time of this writing) 665 single family homes for sale in Placer county (Roseville-Auburn California area). That there are 1054 single family homes in pending sale status and only 510 homes sold in the Month of April 2013.
If we take that 510 homes sold in one month and divide it into our 665 home inventory, we would have a 1.3 month inventory. What that means is if we have no new properties hit the market, we would sell out of inventory in 5 to 6 weeks. A "Normal" market is 5 to 7 months of inventory. So it is no wonder that our home prices are rising. Honestly, the only reason that home prices are not rising faster is the appraiser. Appraisers are running scared of having the lenders come back on them for over inflating home values. But the bottom line is, buyers are starting to understand the concept of supply and demand. They want to own their home and are willing to pay more than what the banks appraise the property at. Buyers are coming out of pocket to pay the difference between the amount the bank will loan on the house and what the seller wants for the property. I do not see this changing for a while as our inventory has been bouncing below the 2 month level for a year now. It is a sellers market!
Comments(0)