Where Oh Where did the Listings Go?

Where oh where did the listings go? SOLD is one way and there is very little coming on the market.

I was updating my website last night for some July numbers from our local Bay Area Real Estate Information. OF course it is a point in time for posting what is happening in the Vallejo, CA real estate market. So that means some Realtors do not post a listing SOLD quickly or at all. However the source gives a very good picture of what is happening in today's world.

As of last night, in Vallejo there were 252 homes listed for sale (single family and condo), 78 are foreclosures and 116 are short sales. There were 193 homes sold (at least posted sold) from July 1- July 31.

At this rate we have less than a month and a half of inventory at this pace of homes being sold. The homes are slowly trickling out from the REO agents. We have homes that are in pre-marketing and eviction status. However, from talking to other REO agents, that number is no where what is was last year.

Everything that stands up with four walls is getting multiple offers in Vallejo. Short sales are getting multiple offers which was unheard of. The good side many are being approved. Patience is a virtue when waiting for a short sale to be complete, but can be worth the effort.

My personal opinion is there are many homeowners who are watching what is going on with short sales and will eventually jump into the market. So there is an inventory out there waiting to make a move.

Is it enough for all the buyers who are hungry to purchase a first home, an investment home or move up? Time will tell.

Most important is PATIENCE. If you want to buy or sell, your time will come and it will happen.