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Have We Hit Bottom? Solano Home Sales & Listings Report For The Week Ending Apr. 13

April 14th, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo

After almost three and a half months, I think we can call the continued weeklyhome-graphic-with-arrow-pointing-down reduction in the housing supply combined with strong sales activity throughout most of Solano County more than just a blip on the radar.

I think it’s now safe to call it a “trend” and perhaps an indication that we may have already hit “bottom” in most of the county.

If you’ve been following my weekly housing report since the beginning of the year, you know that inventory has been plummeting in Vallejo, Fairfield, Suisun and Vacaville on a weekly basis.

Benicia’s Inventory Drops Too…That’s Two Straight Weeks

While Benicia’s stats have been the lone exception over this period, with listings up one week and down the next, even Solano’s highest-priced city has now seen a drop in its housing supply and an increase in sales for two consecutive weeks, suggesting that Benicia’s market may finally be about to follow its Solano  sister cities.

All of this points to the distinct likelihood that we may have already hit bottom in most of the county.

As anyone who follows housing statistics knows, you usually can’t actually pinpoint a market’s top or bottom until perhaps four to six months after it actually occurs.

Have We Really Hit Bottom?

So while it may be premature to conclude that the market really has bottomed out, unless a new flood of foreclosures solano-weekly-homes-report-click-herehits the market in the coming weeks in a way that reverses the trend we’ve seen so far this year, by mid-summer we may very well look back at February and March as when the local market finally hit bottom.

This week’s Solano Home Report paints a very similar picture to what we’ve been seeing week-in and week-out throughout most of the county, as all five cities in our market area saw a drop in their housing supply combined with healthy numbers for the week in both pending and closed sales activity.

A few of this past week’s highlights:

  • Suisun City (8.1%) and Benicia (7.2%) saw the biggest drop in terms of percentage in their housing supply this past week.
  • In sheer numbers, Vallejo (30) and Fairfield-Green Valley (22) had the biggest reduction in listings inventory for the week.
  • For the year, Suisun now has less than half as many homes on the market (114) as it did in early January (232).
  • In early January, Vallejo had 878 active listings. Today, there are 530 — that’s 348 fewer listings in three months time (a 39.6% drop).
  • Fairfield has lost 294 listings in that same period — a 42.1% drop.
  • Vallejo led the way again last week in sales activity, with 63 new pending sales and 31 closed sales. Fairfield-GV was next with 43 & 26 respectively.

This is just a sampling of some of the information in this week’s Solano Homes Report.  To view this week’s COMPLETE report, with week-by-week totals for each city in our Solano market area, CLICK HERE.

This report is updated weekly, usually on Monday or Tuesday. So to stay current on the market’s activity, be sure to check back early each week for the Solano County’s latest real estate listings, pendings and sales statistics.

COMING LATER THIS WEEK: Final March and 1st Quarter ‘09 Solano Home Sale Statistics…PLUS a Special Report showing how many years back home prices have fallen in each Solano County city in our market area.

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This entry was posted on Tuesday, April 14th, 2009 at 8:46 am and is filed under Benicia, Buying, Fairfield-Gr Valley, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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