http://www.movoto.com/, the spot on the internet to find and buy a home in Northern and Southern California, today released the company’s monthly California home inventory report. Movoto’s report is drawn from nine different local California multiple listing services and gives a snapshot of local inventories of homes for sale, average list prices, time on market and inventory of distressed properties.
The California home resale market changed dramatically in August with 13 of 18 counties covered showing decreases in inventory and strongly reduced levels of distressed inventory – despite continued strong foreclosure activity. The reduction in inventories did not slow general average list prices erosion. Distressed properties as a percentage of the total market were down in every county, in many cases down sharply.
August ending Home for Sale inventories are DOWN across Movoto’s coverage area with 13 of 18 counties showing a decrease in listings.
Average list prices were DOWN July to August with 11 California counties showing a decrease in average list price and only 7 counties showing an increase in average list price.
August’s inventory aging report shows little change from July. Ending August, 5 counties exceeded 50% of inventory on the market more than 90 days – the same as July.
“Distressed Properties” share of the market was DOWN with all 18 counties showing decreases in distressed inventories as a share of the market. The drops in distressed inventory are significant in many counties with a drop in distressed inventories that exceeded 6 percentage points in Contra Costa, Monterey, San Benito, Riverside, Sacramento and Solano Counties. The overall drop in distressed inventories reflects aggressive pricing of bank-owned properties in areas with high levels of foreclosures. The aggressive prices are attracting bargain hunting investors and 1st time home-buyers who are picking up bank owned properties.
Movoto defines distressed properties as any property that has an agent note in the MLS that defines the property as “Bank Owned”, “In Foreclosure”, “Short Sale” (where the owner is trying to sell at a price below the mortgage balance to avoid foreclosure) or “REO” (a term used to indicate the property is bank owned).
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