Anecdotally, I see more for sale signs in my neighborhood area than I have since Christmas. This is normal, typical seasonal variation. I am curious if high house prices will bring out a few more potential sellers and if those sellers will manage to find buyers.
I noticed in the nice little SD Home Price Snapshot Rich has on the main page that there’s a hockeystick in the past month or two on list price for $/sq ft, but the sold price hasn’t kept up.
Basically, I’m looking forward to Rich’s February data! 🙂
[quote=moneymaker]I see for sale signs everywhere and yet “inventory is low” makes me go “huh”.[/quote]
OC is the same way, on a walk last week I saw five houses newly with for sale signs up. Couldn’t find them on the MLS, found them on the individual realtor sites listed as already in escrow. Either the five were less than three days on market or they were pocket listings.
I suspect pocket listings since the realtor is long established in the neighborhood.
Household formation is outpacing supply and is likely to continue to do so for the foreseeable future. With rates staying low, every dollar saved can be leveraged so prices probably won’t come under pressure with job/wage growth/low gas prices etc.
“Households started to shrink significantly in the 1970s, and that trend continues. The average number of people per household has fallen from 3.1 in 1970 to 2.6 in 2012.”
I think these charts explain why real estate and renting is so expensive. More people overall, and less people per household.
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