Short sales 2,536 up from 2,433 last week! Increases are still steady. When is this going to stop going up?
After last weeks unexpected drop in inventory, the listing machine got reving again. We are at 17,981 up from 17,666 last week. The seasonal forces kicked in and we should be heading up at a quicker pace for the next 4 to 6 weeks. Not sure what caused the drop last week but suspect it was expirations at the end of the month not being relisted over the weekend. Either way, the elevator is going up again.
I think the party on the coast ended Memorial Day weekend. Inventory climbed in my sub market and pendings have continued dropping after May EOM closings instead of recovering. If your house is on the market and a decent offer comes in the door, grab it now while you can. The rush for the exits should start soon. I expect prices to drop about 5% over the next 7 months before we hit a new batch of seasonal demand next January. I will try to get the NCC numbers posted tommorrow as well as updating Carmel Valley later in the week (which is still hanging tough).
