I send copies of Glen’s Numbers, the local real estate stats that I compile each month to key individuals within the San Francisco Bay Area Real Estate Industry, including Carolyn Said of the San Francisco Chronicle.
I was quoted in her latest article, “Market Stabilizes, but Volatility Lurks” published in the Business Section of last Sunday’s newspaper.
After a period where it seemed that steep discounts were the only way to sell a home, real estate agents say they’re seeing signs of a sellers’ market as low interest rates, a home buyers tax credit, and increased affordability bring buyers out of the woodwork.
“It’s simple,” said Glen Bell of Keller Williams Realty in the East Bay. “You’ve got less inventory and a lot more buyers. We’re getting multiple offers because there are lots of buyers competing for fewer properties.”
Bell tracks home statistics in 38 cities in Alameda and Contra Costa counties. At year end, those towns collectively had 1.7 months’ worth of inventory, compared with 5.9 months’ worth in late 2008. Oakland, for instance, had 1.8 months of inventory at year end compared with 7.8 months a year earlier. Richmond had 1.4 months compared to 8.7 months.
While a year ago, foreclosure sales dominated, banks now are selling far fewer repossessed homes. That causes both tighter inventory and higher median prices, because foreclosures tend to be at bargain prices.
“There is a big backlog of delinquencies,” Bell said. “For nine months, we’ve kept hearing that we’ll see more (foreclosures) on the market, but we’ve just seen a trickle.”
Of course, if you’re a regular reader, or on the MEBA list you’d probably already know that… but it’s always nice to see your name in print.
