Categories
- Buying
- Benicia
- Investors
- Vallejo
- Solano
- Contra Costa
- Selling
- Market Update
- Loans / Financing
- Foreclosures / Short Sales
- Local Stuff
- Fun Stuff
- Vacaville
- Fairfield-Gr Valley
- Suisun City
- The Economy
- Viewpoint
- New Listings
- Resources
Archive
- July 2011 (1)
- June 2011 (2)
- May 2011 (2)
- April 2011 (3)
- March 2011 (6)
- February 2011 (4)
- May 2010 (5)
- April 2010 (30)
- March 2010 (7)
- February 2010 (6)
- January 2010 (11)
- December 2009 (15)
- November 2009 (10)
- October 2009 (20)
- September 2009 (13)
- August 2009 (15)
- July 2009 (10)
- June 2009 (9)
- May 2009 (18)
- April 2009 (14)
- March 2009 (14)
- February 2009 (22)
- January 2009 (21)
- December 2008 (7)
- November 2008 (1)
- October 2008 (2)
- September 2008 (8)
Solano County Weekly Real Estate Report — Listings & Pending Sales As Of June 8, 2009
June 8th, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo
For the first time in almost four months, the inventory of active listings rose in several Solano County cities — places where up until 
now the housing supply had been on a free-fall since January.
After watching its supply diminish by 21% in each of the past two months, Vallejo, where the inventory hadn’t risen since the first week in February, had a net gain of three listings last week.
Suisun City, which has seen its inventory plummet by 70% since early January, also saw an increase last week, with nine more homes on the market today than a week ago.
Benicia’s inventory, which had fallen for the previous five weeks, after being up and down throughout most of the past four months, was also up.
Fairfield/Green Valley and Vacaville both saw their housing supplies fall — Vacaville by 5% and Fairfield by a mere 1.4%.
So why the sudden turnabout in places like Suisun and Vallejo — both of which have experienced a strong surge in sales since the first of the year?
Well, I’d chalk it up to two things:
1. As a city’s inventory drops so dramatically as it has in Suisun and Vallejo, the most sought-after homes are snapped up, leaving the less popular ones behind. So a greater percentage of homes that either need too much work, are priced incorrectly or are in harder-to-sell locations remain on the market. Naturally, they take longer to sell.
2. We have started to see a small trickle of new REO listings over the past few weeks. However, even though the foreclosure moratoriums were lifted several months ago, many banks still seem reluctant to flood the market with a lot of new inventory, probably fearing that a huge increase in the supply would take away the pent-up demand that is gripping the market right now.
Over the past week, 138 new listings came on the market throughout the five cities in our Solano County market area. Of those, 58 (or 42%) were bank-owned listings.
But when you include those new REO listings plus the remaining harder-to-sell listings on the MLS and then add in the normal uptick in new listings activity that traditionally occurs at the end of the school year, it may explain why the inventory didn’t fall last week.
Then again, after so many consecutive weeks, there was bound to be a week here or a week there where the housing supply increased. So it’s possible this just may have been one of those weeks.
In terms of sales activity, last week remained strong throughout most of county, with Vallejo posting 55 new pending sales and 39 closed sales for the week, followed by Fairfield (34/23), Vacaville (27/13), Suisun (12/12) and Benicia (5/4).
This report appears weekly at HomeSection.com — usually on Monday or Tuesday. It’s a great way to stay abreast of the market.
To see this week’s full report, Click Here or on the graphic above.
RELATED READING
