As I take a twirl around the region this week, I’m starting to see a slight uptick of inventory in American Canyon, Benicia, and Fairfield. It looks like the spring market may be beginning here.
I’ve broken out Hiddenbrooke from Vallejo this week as there is enough going on there on the high end that its worth paying attention to. There are a few things that jump out at me this week: 62.5% of the homes in Fairfield have come onto the market in the last 7 days. American Canyon days on market remained at 16 despite the number of homes on the market doubling over the past seven days. The Benicia market remains crazy fast, with average days on market still at under a week.
But the Fairfield days on market also dropped, and with 25 new homes on the market in the past week, it looks like inventory is starting to go up…it’s just that it’s coming off the market as quickly as it’s going on.
As you can see from the graph above, both active and pending transactions are relating nicely. Both pending and active listings are increasing at – more or less – the same rate from week-to-week. Even without the additional info of days on market, this is a clear indication that this is a fast market. Even if I don’t separate out Hiddenbrooke, the Vallejo market is still trending downward.
After a Zenith of 66 active homes in mid-February, the number of active homes on the market has been slowly dropping over the past 3 weeks. It’s too early to tell if this is an anomaly or if the spring market will be starting later than it appears to be in the rest of the region.