I’ve been looking at the numbers again, this week. I am completely floored by what’s going on in Benicia. They’re only carrying 2 active homes on the market for three weeks now. Although things are fluctuating daily, by and large, the complete lack of inventory is the story here. But first, a quick look at all of the numbers in the area.
Homes are coming on the market in Benicia. They’re just coming off just as fast. Below is a graph that shows new listings and pending listings per month.
The pending listings are tracking fairly nicely with new listings. This graph really shows just how fast the market is. Through the end of January, days on market is hovering about a full month and the sales price is roughly equal to the list price. But through the first three weeks of February??? Days on market has dropped to about three weeks and sales price to list price is now at approximately 5% above list. I expect that to continue.
It’s going to be interesting to see what happens to the upper end markets. I keep talking about it, but it really is important to what happens to the mid market and first time home buyer markets. There has to be someplace for these move-up buyers to go in order to free up inventory. Right now, I’m really not seeing enough of it.