The national Pending-Sales Index was down last month (-5.4% in the West), and Yunnie was happy to point to the inventory shortage as one of the reasons. Our month isn’t over, but so far the shortage is real around here – we’re going to have trouble catching up with previous Januarys:
NSDCC New Listings in January:
| Year | ||
| 2017 | ||
| 2018 | ||
| 2019 | ||
| 2020 |
You have probably noticed – sellers in 2020 aren’t being shy about price either!
I’ve been tracking the same pattern of very low new listings countywide. For the last 5 months number of new listings have been down double digits, and Dec was a new record low going back to 2012. SDAR stats: http://sdar.stats.10kresearch.com/docs/mmi/x/report?src=page
This is definitely going to pressure prices higher.