Irvine inventory levels sink even lower

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This low inventory level is the opportunity the new home developer is waiting for. Resales trend along with new home market. If no one is buying new homes then why would one want to buy a used house?
 
Was looking this data over for tomorrow's blog ...

Five year data:
Highest: 1279 in July 07
Lowest: 448 in Dec 09
Another high: 891 in June 2011
Another low: 507 today.

But then price/sf is down too. Values are decreasing, most homes are sold for loss.
USC, you think this is the 2012 everyone on IHB waited for?
 
Trojan, year over year how many transactions are made in irvine? How many months supply is there currently?
 
Baby Irvine said:
Trojan, year over year how many transactions are made in irvine? How many months supply is there currently?
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Well there were 199 closings in March 2012 (versus 192 last March) but we are only have 67 closings through yesterday in April.  On a trailing 3 month average we are at 3-4 months worth of inventory. Usually once you get to 3 months or less worth of inventory it becomes a seller's market but it does not feel like a strong market where sellers have pricing power as buyers continue to be selective.
 
Cubic Zirconia said:
Was looking this data over for tomorrow's blog ...

Five year data:
Highest: 1279 in July 07
Lowest: 448 in Dec 09
Another high: 891 in June 2011
Another low: 507 today.

But then price/sf is down too. Values are decreasing, most homes are sold for loss.
USC, you think this is the 2012 everyone on IHB waited for?
Click to expand...
Not at all, a lot of my buyers are getting very frustrated.  Heck, I've told a lot of them that we should start seeing more listings hit the market now (Spring selling season) and then in the Summer selling season but that does not seem to happening.  I really have no idea why other than guessing that many sellers can't (doesn't have enough equity) or don't want (they want to see higher prices) to sell at the moment.  To give you an idea, my last 6 transactions will be 4 REOs, 1 flip, and 1 short sale.
 
It's a stand off really. Can banks trickle the market with REOs to become solvent? Can buyers be patient enough to not lick up the dirty crumbs the banks occasionally throw out, or are they smarter?

 
IndieDev said:
It's a stand off really. Can banks trickle the market with REOs to become solvent? Can buyers be patient enough to not lick up the dirty crumbs the banks occasionally throw out, or are they smarter?
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Whoever blinks first will lose...if buyers hold their ground then prices will continue to stay soft.
 
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