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Inventory Down Everywhere In Solano Except Benicia
January 26th, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo
Weekly Housing Inventory Report
Benicia was the only city in our Solano County market area which saw an increase in housing inventory this past week, putting it almost right back where it was when the year began.
With a net gain of six homes, Benicia’s inventory stands at 105 (70 single family homes and 35 condominiums/townhomes) — a 6.1% increase over last week.
Vacaville saw the biggest decrease with a 5.7% drop (24 homes) from a week ago, followed by Suisun City (-5.2%), Fairfield-Green Valley (-3.0%) and Vallejo (-2.5%).
That’s the second week in a row that all four communities saw a reduction in their housing supply. On the surface, that might seem to be an indication that perhaps the market is reaching its bottom.
However, before you get too excited with the drop in inventory in those cities, keep in mind that Fannie Mae/Freddie Mac have temporarily suspended all foreclosures (see this story) and all four cities have been a hotbed for foreclosure activity.
The foreclosure ban ends Jan. 31, which means that all those homes which normally would have been repossessed between late November and now will likely hit the market in February and March. If that’s true, the decline in the housing supply in Fairfield, Suisun, Vacaville and Vallejo could be short-lived.
To see the full detailed report, click on the graphic or HERE. And be sure to check back weekly; I normally update this custom report every Monday or Tuesday.
