The attached graph demonstrates very clearly what has happened to the inventory levels for homes in Alameda and Contra Costa County.
Over the past few months I have been posting articles and blogs letting everyone know that inventory is trending down. What we find is that we are only at less than 50% of theinventory levels from October 2008. In addition we have seen the number of REO and Short Sale Listings drop. There is some concern that this trend will continue which will serve to put upward pressure on prices and cause many buyers who are using FHA and VA loans to be locked out of the market. This is a valid concern, however there are many pending foreclosures looming that should start hitting the market early next year. While I don’t believe that inventory levels will spike up, I do believe that we will see an upward trend through next year. The message here is if you are considering selling your home, now would be a good time.
