Health & Fitness
Real Estate Beat - "Coming Soon" signs get attention
With inventory low, buyers are seeking "coming soon" signs and eagerly visiting the new listings as they hit the market.
Today's inventory at a glamce:
Alamo – 48 (down 9)
Danville – 115 (up 1)
Blackhawk – 32 (up 3)
San Ramon – 71 (down 10)
Dublin – 83 (up 14)
Pleasanton –? 77 (down 29)
Lafayette – 45 (down 15)
Orinda – 37 (down 26)
Pleasant Hill – 23 (down 8)
Walnut Creek – 86 (down 1)
Rossmoor – 39 (down 12)
Antioch – 97 (down 3)
I have been tracking inventory stats weekly since 2007, and this year has had such a wildly different pattern. I recorded the inventory figures at the beginning of the year, with Alamo at 62, and expected it to climb from there. That’s been the pattern these past few years, 60ish at the low, and 110 or 120 at the height of the summer. But in fact, we have not exceeded much more than 60 all year, the number has varied from 45 to 65.
When I first began tracking the Alamo inventory, I contrasted it with Antioch. Same county, not too far from each other, but very different markets. Antioch had a large amount of new home building during the “boom” of the market, and consequently it is an area that has suffered more than others during the foreclosure years. Antioch has seen a far larger decrease in prices, but they have also seen an amazing change in inventory: from 1300+ in 2007 to fewer than 100 today.
I put a “coming soon” sign up on Saturday for a new listing in westside Alamo, and it’s remarkable how many calls I have had. Buyers are out seeking new listings. I’ll be open for Broker’s Tour on Thursday 8/23, or take a virtual tour at www.191LaSerena.com.
I have a pending sale in Alamo as well; I also received calls from this “coming soon” sign, and the buyers saw the house at the Broker’s Tour. Pending with multiple offers: www.28HagenOaks.com.
It reminds me a bit of the 2004 market, because I remember the frustration of trying to find the perfect home for one particular set of buyers. They had a favorite neighborhood and I eventually found their home by cruising the area and calling on a “coming soon” sign.
No question that good news is here for sellers, but I know the frustration that buyers must be feeling.
