Inventory is growing, at last count I heard that in Long Beach we had 6.5 months of inventory, almost double what we've had any month for the past year. I think that sellers are deciding if we have to or want to sell it's not going to change, let's get it done. Buyers are very savvy about this market, they know that sellers are getting more realistic. In a report released yesterday it was announced that home sales declined in October - guess that explains the growing inventory. In the following National Report from Washington it said
"Existing-home sales retreated in October on the heels of two strong monthly gains, according to the National Association of REALTORS®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9 percent below the 5.98 million-unit level in October 2009 when sales were surging prior to the initial deadline for the first-time buyer tax credit.
Year-to-date there were 4.149 million existing-home sales, down 2.9 percent from 4.272 million at this time in 2009."
I hope Thanksgiving, year end and the Holiday Season help things pick up. Here in Long Beach there is lots of activity, let's home that translates to closed sales, to keep our economy moving.
Heather@HeatherandSarah.netSarah@HeatherandSarah.net244 Redondo Ave.Long Beach, CA 90803