We posted back in May about the declining short sale inventory in Marin County, and how that trend has been contributing to the low overall inventory this year. Thought we should update how things have gone since then. A few more came on in May and June but the trend has generally continued, with only twelve new short sale listings in Marin in October, which looks to be the lowest number in any month since the short sale explosion began back in 2007. Here’s a three year look at short sale inventory in Marin through October:
That’s good news in that it looks like fewer homeowners are feeling the need to sell their houses while underwater, but not as great news for buyers who are feeling frustrated by the lack of homes available to purchase. It feels like we’re at a crossroads of sorts, where a lot of the homeowners who needed to sell (even in a bad market) have largely done so, while those who might like to sell, but don’t have to, are seeing the market improve and are thinking they’ll get more for their homes if they wait a bit.
At some point we should see more inventory as more sellers will jump in as prices increase, but that may not happen until spring. And even then it’s hard to say if we’ll then see enough of an increase in listings to satisfy the strong demand for homes in Marin and get us back to a more balanced market. Below is a look at the same period for all residential listings.