Northern California Market Update Case Of The Missing Inventory

Dated: February 18 2014

Views: 1180

Prices will continue stabilize throughout 2014 as there is not enough inventory coming to market to create the price escalations that we experienced in 2013. This morning I pulled all active listings for Pleasant Hill, Alamo, Walnut Creek, Lafayette, San Ramon, Danville and Dublin. These cities represent some of the most sought after cities in the East Bay. The total active inventory stands at 343 and the total pending status (in contract) figure is 429. This data tells us that we have less than a month of inventory remaining which is generally considered a seller's market. Many sellers are looking to do contingent to buy transactions which could help the inventory figures but we would need inventory to double from current levels to create a more balanced market. Some buyers sitting on the fence waiting for REOs (bank owned) and Short Sales may need to look to traditional sales as stress sales have diminished significantly with just 8 active short sales and only 11 REOs currently on the market in those same cities.

The key to this market for buyers is to have all your ducks in a row and be ready to offer quick and clean. We suggest having your DU approval in place with your lender, short physical contingencies or none if your comfort level is there with the property. That can be risky but can also be a big factor for the seller. A three (3) week close is highly desirable as well as offering rent back if seller desires. There are many other suggested buyer tactics but these are some of the most common suggestions.

To view all active homes in the East Bay, click the "search" button above.

Kevin R Kieffer, Broker / Team Leader for The EastBayPro Team with offices in Danville & Walnut Creek and has team members serving the entire East Bay market

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