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Weekly Solano Real Estate Report For Aug. 17: Lack Of Supply Starts To Mean Fewer Sales
August 18th, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo
As the inventory of homes continues to shrink in the county’s most affordable communities, you’d expect the number of sales to shrink as well. And we’re starting to see that here in Solano County.
Last week, Vallejo, Suisun and Vacaville all had fewer closed sales than their weekly averages for 2009 and Vallejo, Fairfield and Suisun each were below their weekly averages for new pending sales.
All of this suggests that although the demand remains strong, the lack of supply is indeed starting to impact the number of accepted offers in these ultra-affordable communities.
Speaking of supply (or the lack thereof), last week’s inventory totals declined again in Vallejo (-12 from last week) and Fairfield (-11), but went up slightly in Benicia (+1) and Suisun (+2), and by a healthy +16 in Vacaville.
Demand remains at a fever-pitch throughout the county, with multiple-offers still the order of the day in most instances. Last week, for example, when I inquired about a recently listed home I was planning to show to a client, I was amazed to hear that it already had 26 offers on it.
So 25 of those buyers (plus my client) are still out looking, which illustrates why demand should stay strong for the foreseeable future.
To see complete city-by-city results and week-by-week statistics for each city in our Solano County market area since the beginning of the year, click here.
Our Solano County Real Estate Sales Report appears on HomeSection.com weekly — it’s usually posted on Monday or Tuesday.
Related Links
- Benicia Home Sales — July ‘09
- Vallejo Home Sales — July ‘09
- Monthly Solano Real Estate Report – July ‘09
- 2nd Qtr Solano County Home Sale Statistics
- Monthly Solano Real Estate Report – June ‘09
- Monthly Solano Real Estate Report – May ‘09
- When Were Prices Last This Low?
- See The Latest Market Update
