With summer right around the corner, buyers are wondering if we’ll see more homes for sale.
It doesn’t look like it.
We’re down to a five-month supply of detached homes for sale in the North San Diego County Coastal region (La Jolla to Carlsbad):
Active listings: 1,066
Solds this year: 1,035
This graph shows how the new listings (in green) started dropping off early last year, and how unusual the gap is between new listings and closings (in purple) – about half of what it has been the last couple of years:
Normally, we’ll see a fairly steady supply of new listings through the summer, like we did in 2010.
But last year the new listings started drying up at the beginning of summer, and now in 2012 it looks like we’ve already begun to slow:
May New Listings:
2012: 321 so far
The closings have been very strong, but with fewer homes for sale, sales will either drop off, or the buyers will have to pick through the OPTs, probably with great reluctance.