Here we go again! Low inventories predict another Seller's Market soon.

Dated: November 12 2019

Views: 183

The latest research as published by the OC Register shows the fastest reduction of homes for sale inventory in seven years.  That's right, based on these low inventories, it looks like we are heading back into a seller's market. 

That means the absolute best time to list your home may be in about 6 weeks, as January 2020 kicks off. 

Low inventories means bidding wars, buyer love letters, and seller's in the cat-bird seat. Check out the report below. January may be a historically great time to list your home for sale. Do you agree?

So Cal house hunters face biggest drop in listings in 7 years.

Listings drop of 8% from late August — largest decline in that period since 2012. 

By Jonathan Lasner jlansner@scng.com | Orange County Register

The biggest post-Labor Day drop in inventory in seven years means Southern California house hunters are searching among a below-average number of homes for sale.

According to ReportsOnHousing‘s Oct. 31 tracking of broker networks, 32,849 existing residences were listed for sale in the four counties covered by the Southern California News Group. That’s a drop of 8% from late August — the largest decline in that period since 2012. It’s also down 13.9% in a year and it leaves supply 1% below the average for this time of year.

A slow and worrisome start to 2019, highlighted by a rush of owners to list homes for sale, has been followed by a brisk reversal to more normal market conditions and a rebound in homebuying.

The limited supply, plus a steep drop in mortgage rates, has upped Southern California’s demand for homes — measured as new escrows opened in the past 30 days: 11,962 — up 16.6% in 12 months. That’s 1% below the eight-year average for the days around Halloween.

Remember, a year ago, the market was dealing with mortgage rates nearing 5%. Today, there’s deals around — and under — 4%.

Shrinking inventory and more buying translated to homes selling quicker. The estimated market time shrunk to 82 days — listing to escrow, by ReportsOnHousing’s formula — vs. 112 days a year earlier. ReportsOnHousing considers a “market time” under 90 days as conditions favoring sellers. Since 2012, market time has averaged 85 days at this time of year.

Blog author image

Lisa Thompson

Lisa Thompson, J.D., Realtor®Clients all over the world know there is no agent who invests more time and attention to detail than Lisa Thompson. With tremendous experience in editing....

Latest Blog Posts

Granny Flats: Like Finding Gold in our Backyard

Granny Flats: Like Finding Gold in our Backyardby Lisa Thompson, J.D., Realtor;

Read More

Here we go again! Low inventories predict another Seller's Market soon.

The latest research as published by the OC Register shows the fastest reduction of homes for sale inventory in seven years.  That's right, based on these low inventories, it looks like we

Read More

10 Reasons to Buy A Home Now Rather Than Later

10 Reasons to Buy a California Home Sooner Rather Than LaterIn retailing, when things are slow you have a sale! And in some ways, that's California real estate.By JONATHAN LANSNER | 

Read More

Ocean View Real Estate Now in Reduction!

Ocean View Real Estate is Now in ReductionRevisited October 29, 2019Click here to see all the ocean view homes in our area that recently dropped their price. Have you dreamed of having an ocean

Read More