This week I added Cordelia, Fairfield, and Vallejo to the #’s. Of course it’s hard to talk about the regional housing market without including the two largest cities in the area. Not sure what the brain fart was about last week, but now we’re back on track. At any rate, here’s a quick review of the numbers from week-to-week.

Drilling Down

There have been quite a few news stories over the past year about how there are more Realtors® in the country than there are listings. Not sure if this is an industry problem or an inventory problem. Perhaps the bar to entry is too low? I try not to think about it too much so that I don’t get worked up. The point is, there still isn’t a lot of inventory these days. I mean…the number of active listings in American Canyon dropped by 50% in a week!! That’s not hard to do when there are only 3 listings the previous week.

I don’t want to beat a dead horse. We all already know that there isn’t any inventory. Why? After the 2008 economic meltdown, builders stopped building.

Then there’s the whole pandemic thing…and the boomers aren’t so interested in leaving where they are currently living at the moment. Who knew? At this point, regardless of the current pandemic concerns, it doesn’t appear as though Prop 19 has worked as intended. Go figure…but there is still time. It did just go into affect last year.

Something to take note of (or N.B.): Our local municipalities in the area are undergoing their housing element plan right now. California has passed a bevy of legislation over the past few years aimed at forcing communities into building more housing – and if it’s affordable, even better; but despite a couple of high profile lawsuits brought against affluent cities that don’t build (so that they can stay affluent) this legislation has largely been…

Adding to this is that many cities/counties manipulate the numbers so that it looks like they’re building when they’re not. For instance, in the 2012 housing element, Napa used Napa Pipe towards it’s allotment. We’re still waiting for the Costco, let alone the 945 units to be built. I’m not ignoring the issues with the site (toxic waste dump) but that the state considered it as part of the housing element is disingenuous at best. The American Canyon Planning Commission had an update to its plan last Thursday; Fairfield and Vacaville have been having public meetings about theirs.

As the counties and cities continue to build out, these housing policies will be important to pay attention to.

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