Wednesday, February 27, 2008

Sacramento Regional Real Estate Trends for February 23, 2008

I had to leave town unexpectedly this week, so no commentary. Life should be returning to something resembling normalcy in the near future... I hope. :)


... said...

When you do inventory, does it include "pending"?

My guess if thats just a one week drop in inventory is its "vacation" week

Mike said...

This drop in inventory seems to reflect the spring bounce I've been seeing about for the last couple months.

I saw first hand where couple homes that were listed slightly below market price had multiple over the asking price offers. I saw one home priced at 220K had sold at 270K within few days of listing with multiple offers. And it was not that great of house or great neighborhood.

It looks like people saw the interest rates below 5.5% and had a buying fever for the last couple months. But with rates back up over 6% that fever should cool off in the coming months. This dead cat bounce can't last more that few months at most.

The inventory may drop or stay flat for next few more weeks but should head back up soon enough.