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Saratoga, CA Months of Inventory for Single Family Homes

Our MLS provider, MLSListings.com, has not yet given us the statistics for September's closed sales in Silicon Valley, so I've done a little of the data work myself. Below, please see a graph displaying the "months of inventory" or "absorption rate" for Saratoga, California.

Absorption rate for single family homes in Saratoga, CA in 2008 YTD

The National Association of Realtors uses 6 months as a benchmark for when it flips from one type of market to the other. Less than 6 months is considered a sellers market, and more is a buyers market. Saratoga real estate is very pricey and offers fantastic schools with exceptionally good API scores, so this area is nearly always in demand. While these numbers may be viewed favorably on the national scale, having more than about 4 months of inventory among single family homes feels like it's a buyers market.

It really depends on the home, location, condition, and marketing/pricing as to whether a home will really take 5 months to sell. The best homes will go in 3-4 weeks, despite the average numbers.

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Posted Saturday Oct 04
( 10/05/08 10:23AM ) — Aloysius Donohue - Ridgewood Real Estate

Mary - Posting this info before your MLS even makes the stats available is just one more great "value add" that you provide.  It gives your clients and blog readers access to info before their competitors.  Getting a jump on this info can be very helpful for potential buyers and sellers.  They may be able to spot trends just a bit before everyone else does.


If I were looking to buy or sell a home in the Los Gatos area, there would only be on Realtor on my list.

( 10/05/08 10:34AM ) — Mary Pope-Handy, ABR, CRS, ePRO, SRES

Thanks Al :)  It's not that hard to do. All you need is the amount of inventory on the last day of the month (available homes, not those sale pending) and the number of closed sales that month, which is an easy number for most of us to obtain. My MLS doesn't do the absorption rate but you just divide the inventory by the number of sales in the month for the figure. I'm a visual person so seeing a chart helps. Credit for my knowing about Create-a-graph (which is easier than doing it from Excell) goes to Ardell DellaLogia.)

( 10/05/08 10:50AM ) — Aloysius Donohue - Ridgewood Real Estate

Mary - Gotta love the modesty, and in your case I know it is genuine, but...


Even though you think doing a few simple calculations is not that hard, how many agents take the time to post this information at all?  Not a lot.  And then, how many take the time to figure out the absorption rate and post it?  Most agents, if they do post market stats at all, will simply do a cut and paste from the MLS.


You go the extra mile and you have to own that fact.  It's not such a bad thing.


Enjoy the rest of the weekend.


 

( 10/05/08 07:38PM ) — Marie Cappello


Hi Mary,


In San Diego, sales are rising because of the heavy bank-owned inventory, and home priced in the $100,000 to $200,000 range are receiving ten or more offers. I thought I'd let your readers hear more about the new Hope for Homeowners program this October 1.


Keywords: Short Refi, Short Refinance


Guidance on the new HOPE for Homeowners program (H4H) has been released. The H4H program will refinance mortgage to borrowers who are having difficulty making their payments, but can qualify for a new loan. This new program was created by Congress as part of HR 3221. The program becomes effective Oct 1, 2008, and is destined to end Sept. 30, 2011.


$300 billion in new loans is allocated, and there is an expectation that as many as 400,000 homeowners could avoid foreclosure through this program over the next three years. The program is voluntary; meaning that the existing Lender is not required to participate. However, this short refinance program does offer the Lender an alternative to an expensive foreclosure.


The program refinances the existing loan into a new 30 year fixed rate loan with lower payments. Help for homeowners is here. If you live in California, call Marie at Affinity Financial. You can also email marie@affinity-financial.com. To read more about programs for home owners, visit us at http://www.goldmanklein.com/short-refi.html

There is hope for struggling homeowners! We don't charge fees, and we really care. Call (858) 693-5404.

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