Low inventory is a problem in many markets throughout the country. In a healthy market a particular neighborhood would have six months of inventory. Many neighborhoods are seeing inventory as low as one or two months. This means home buyers are not finding the homes they are looking for.
Eric Sachs, President and Co-founder of BreakthroughBroker.com, said he speaks with Realtors throughout the country, and the main concern voiced by Realtors is that there are not enough listings.
One agent told of a recent story where a new listing had 19 offers on the first day listed. As the spring selling season approaches, now is the time to list if you have thought about selling in the past or may want to sell in the future. Call me, or your local trusted real estate advisor, to see if you live in a low inventory area.
Some local info for my Los Angeles Area friends, based on Aprils sales data.
Culver City – 1.3 months for SFR and .9 months for condos.
Lakewood – 1.9 months for SFR and 2.3 months for condos.
Long Beach (city wide) – 2.1 months of inventory on Single Family homes and 2.2 months on condominiums, this varies from neighborhood to neighborhood, of course.
Los Alamitos – 1.6 months for SFR and 2.5 months for condos.
Norwalk – 1.7 months for both SFR and condos.
Palms/Mar Vista – 2.7 months for SFR and .5 month for condos (not a lot of condos in general).
Van Nuys – 2.4 months for SFR and 1.7 months for condos.
Westchester – 2.7 months for SFR and 1.5 months for condos.
If your interested in this data for your neighborhood, or you want to see the latest pricing and market activity, please contact me.