http://www.movoto.com/, the spot on the internet to find and buy a home in Northern California 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.
In November, California’s home resale market inventories continued to decline with only 1 county tracked showing an increase in inventory since the end of September. Prices also declined as fewer homes were listed. Distressed properties as a percentage of the total market declined in Northern California and increased in Southern California.
November ending Home for Sale inventories are DOWN across Movoto’s coverage area with 17 of 18 counties showing a decrease in listings.
Average list prices were DOWN September to November with 16 California counties showing a decrease in average list price and only 2 counties showing an increase in average list price.
November’s inventory aging report shows a general increase in total days on market versus September. Ending November, 8 counties exceeded 50% of inventory on the market more than 90 days versus 6 counties in September. Percentage of inventory on the market <30 days dropped significantly, indicating that new listings are slowing.
“Distressed Properties” share of the market was MIXED with all 6 of 18 counties showing decreases in distressed inventories as a share of the market and with the remaining counties showing small increases.
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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