Note 1: as can be seen at West Bay Realty, the average DOM for sold homes this year is more like 50 days.
Note 2: this analysis only records the DOM based on the current listing date as shown on a MLS. If a house was put on the market at some price, didn't sell, was taken off the market for a week or two and then relisted at a new, reduced price, the new listing date is what was used here. So treat this as a conservative analysis.
(Click on the image for a larger view.)
4 comments:
Wow! These unsold houses have been on the market for an average period of 3 months. Can we say it is becoming a buyer's market? These home sellers probably have to reduce their asking prices further in order for them to sell their houses quickly.
as hot as this time of year usually is for realestate
LOL...sarcasm, right?
I think the real fun will begin next Spring.
Two headlines on the Housingbubble2 blog indicate Marin is not alone:
1. Orlando For-Sale Inventory At Nine Year High
"Also notable this month, ORRA says, is the number of existing homes available for purchase, 9,685, a 163 percent increase above November 2004's 3,681 homes. 'The area's inventory is now at its highest point since July 1996, when available homes first began to drop below the 10,000 mark,' says ORRA President Beverly Pindling."
2. Housing Inventory Helps Fresno Get 'Real'
"At this time last year there were about 1,500 homes for sale in the Fresno-Clovis area. But this year there are almost 2,900 homes for sale. The Fresno Association of Realtors also has a record number of real estate agents, 3,000 out there trying to sell homes. But homes are not selling like they were. Ultimately, hundreds of agents could be flushed from the business."
"'It's certainly an improved picture for a buyer,' said (realtor) Sandy Darling. 'We have twice the number of properties for sale at this time this year as we had this time last year.'"
According to the latest California homes sales report, the Unsold Inventory Index for SFHs in November 2005 was 3.9 months, compared with 2.8 months (revised) for the same period a year ago.
According to Marinite's chart, the average unsold inventory in Marin is 3 months. Marin is performing better than the rest of the state. The winners of all are Corte Madera and Larkspur.
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