Scot Campbell – March 27, 2012 Source: Realtor MLS & Bloomberg.com
Bloomberg reported today that many real estate markets across the country are seeing “bidding wars” for homes due to lack of available inventory.
According to a broker source in the Phoenix area, the inventory of available homes there has fallen 90% from the peak of this cycle’s buyers market.
Here is the bloomberg article: http://www.bloomberg.com/news/2012-03-27/bidding-wars-erupt-as-u-s-supply-of-homes-for-sale-falls.html
In Huntington Beach, the current inventory of non-short sale homes is 346. And, in the last 30 days there were 106 non-short sale listings which went into escrow… so we presently have a 3.23 months supply of non-short sale listings.
(Note: I leave short sales out because they often sit for months in back-up status and tend to cloud the water rather than give us a clear picture of inventory trends)
According to industry studies, a 3 month supply of homes represents a real estate market “in balance” with stable home prices.
In recent weeks, several of the transactions in our office have involved multiple offers and/or bidding wars well above the asking price.
In essence, it appears that buyers really, really want to lock in a low interest rate while they can… and many perceive time is running out. Now is an exceptionally good time to put your home on the market to take advantage of what may be a “temporary seller’s market”… the conditions Will Change once interest rates go up.
For questions about buying and selling real estate in Orange County, contact Scot Campbell. He is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA. He has been a licensed broker for over 21 years and has brokered over 1000 homes and just about every type of transaction imaginable. Read his profile and client reviews at www.ScotCampbell.com He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com
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