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Trend or No Trend? Solano Home Inventory Drops Again — That’s Three Weeks In A Row
February 2nd, 2009 categories: Benicia, Fairfield-Gr Valley, Foreclosures / Short Sales, Loans / Financing, Local Stuff, Market Update, Solano, Suisun City, Vacaville, Vallejo
Solano Housing Market Weekly Update
For the third week in row, the number of active listings fell throughout Solano, with all cities except Benicia again seeing a marked decrease from the previous week.
Suisun City led the way with a 9.5% drop, followed by Vacaville (-6.3%), Fairfield-Green Valley (-6.3%), Vacaville (-6%), Vallejo (-4.6%) and Benicia (-1%).
The raw numbers for this past week:
- Benicia -1
- Vallejo -40
- Fairfield-Green Valley -41
- Suisun City -19
- Vacaville -25
Since the beginning of the year, every city except Benicia has seen its housing inventory drop sharply. Suisun City leads the way, with almost a third (28.9%) fewer homes today than four weeks ago.
Since Jan. 5, Vacaville’s inventory has dropped 12.7%, Fairfield-Green Valley’s 9.7% and Vallejo’s 5.7%. Benicia’s inventory has held fairly steady; there were 106 homes on the market four weeks ago and there are 104 active listings today — a drop of only 1.9%.
As I pointed out last week, it’s too early to call this a trend, since some of the drop in inventory could be attributed to the Fannie Mae/Freddie Mac moratorium on foreclosures. That foreclosure ban ended yesterday (Feb. 1), so we could again start to see the inventory climb.
However, if the supply of active listings instead continues to drop in the coming weeks, then it could be a signal that the bottom of the market is near. We’ll continue to keep a close eye on things, particularly with the traditionally busier spring buying season drawing near.
To see the complete report, with week-by-week totals, Click Here. And follow the market with us by checking back each week.
If you find this information valuable and are planning to buy or sell in Solano or Central/East Contra Costa County, please contact us and we’ll be happy to put our 23 combined years of real estate expertise to work for you.
