Home Sales Continuing to Drop – Shift in Market Coming?
Inventory of For-Sale Homes Posts Big Drop
Daily Real Estate News | Tuesday, April 17, 2012
The nationwide inventory of residential homes for-sale dropped 21 percent in March compared to a year ago, according to newly released housing data from Realtor.com, tracking 146 metro markets.
In fact, all 146 markets posted a drop in their inventory, except for two — Hartford, Conn., and Philadelphia.
The nationwide median list price in March also saw improvement, increasing more than 5 percent last month compared to last year at this time.
The housing picture is much different than last year at this time, when inventory was up 26 percent and list prices were down 4.81 percent.
“If the market continues to hold its own, 2012 could well mark the beginning of a broad-based housing recovery,” according to Realtor.com.
The metros that posted the biggest drops in listings of for-sale homes in the last year are:
1. Oakland, Calif.: -51.91 percent year-over-year drop in total listings
2. Bakersfield, Calif.: -50.35 percent
3. Phoenix-Mesa, Ariz.: -48 percent
4. Fresno, Calif.: -45.56 percent
5. Miami: -42.34 percent
6. Fort Lauderdale, Fla.: -39.66 percent
7. Seattle-Bellevue-Everett, Wash.: -39.38 percent
8. Atlanta: -39.26 percent
9. Orlando: -39 percent
10. Portland-Vancouver, Ore.-Wash.: -38.79 percent
11. Tampa-St. Petersburg-Clearwater, Fla.: -37.35 percent
12. Stockton-Lodi, Calif.: -36.18 percent
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**These numbers are HUGE. The housing market is making a shift. It is no longer a Buyer’s Market. We are seeing more and more people looking to buy and less houses dropped onto the market for sale. This makes the market extremely competitive for buyers however, lovely for sellers. Prices are continuing to rise due to multiple offers and buyer’s know, they might sometimes have to bid over asking in order to get the home of their dreams. The housing market appears to finally be recovering.
For more information on market conditions or buying and selling property in Los Angeles please contact Brittany at 310.956.9385 or visit the website for more information.
Brittany Sells LA


