![ContraCosta-AlamedaCounty_Housing_Stats(1)[1]](http://www.therealestatemarketwatch.com/wp-content/uploads/2009/11/ContraCosta-AlamedaCounty_Housing_Stats111-300x231.jpg "ContraCosta-AlamedaCounty_Housing_Stats(1)[1]")
The inventory levels of residential real estate in Contra Costa and Alameda County continue their downward trend.
![ContraCosta-AlamedaCounty_Housing_Stats(1)[1]](http://www.therealestatemarketwatch.com/wp-content/uploads/2009/11/ContraCosta-AlamedaCounty_Housing_Stats111.jpg "ContraCosta-AlamedaCounty_Housing_Stats(1)[1]")
As of November 20 the active inventory levels in the East Bay Counties of Alameda and Contra Costa are now at approximately40% of the inventory levels in October 2008. What we are finding is that because of the substantial reduction in home values during the recession many would be sellers are opting to postpone a home sale or are rethinking a move altogether and in fact many are performing renovations and remodels instead. Additionally we find that the number of bank owned and short sale homes have dropped at roughly the same percentage as the overall active inventory numbers. In my blog from last month I suggested that this trend will continue at least through Q1 or Q2 of 2010 and I see no reason to revise my prediction. The interesting thing is that we are seeing homes at the higher price points sitting while the lower priced homes are moving fairly quickly. In fact the inventory absorption rate for San Ramon single family homes is now at less that 2 weeks. In Danville we are seeing absorption rates at just over a month and in Alamo at about 1.5 months.
My recommendation is that if you are considering selling your home I suggest that strongly consider listing it now. Low inventory levels means less competition and the potential of multiple offers. You can opt to wait but one thing to consider is that there is a large number of potential foreclosures looming. It is unclear how the banks will handle these homes. I don’t believe that they will just dump them on the market and will list them slowly however this will be entirely up to the banks. Also, there are many incentives for buyers now with interest rates still very low and thefirst time home buyer credit extended to April 2010.
