santaclaritarealestateforum June 3rd, 2008

I’ll give you a break down of the Santa Clarita listing inventory by area some other day, but I wanted to let you know that this inventory of homes for sale in Santa Clarita is still inching downward, week by week! You’d think that we’d see a sharp pick up in the listing inventory number as we approach the Summer, and the 12th graders are graduating, and the parents are moving to that Big Bear cabin finally and saying goodbye to the suburbs. Due to ALL of the buying activity, the new listings that are hitting the market (and there are new listings everyday), are being trumped by the amount of homes going into escrow everyday…eating into any negative impact a rising inventory of homes has on a real estate market (lowering prices).

Prices will continue to decline to a degree, so long as there are bank owned homes hitting the market, but the banks don’t have it in mind to give their asset away. They do proper (generally) due diligence into what a given home “should” sell for given current market conditions. When those reports/due diligence are all gathered and performed, they should reflect the current trend of a slimming housing inventory, and in some cases homes starting to sell “above” their asking price, and in a much quicker amount of time.

We’ll always stay on top of this real estate market in Santa Clarita and see what happens, until then, let’s all say goodbye to the 1,800’s home listing inventory in Santa Clarita, and welcome the 1,700’s as of tomorrow (6/4/08) most likely.

 By the way…Have you seen www.TheScvAgents.com lately?

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