Diablo Has Highest Months of Inventory for October

The Months of Inventory for October was very similar to September. Months of Inventory was down 1%, active listings down 3%, and pending sales up 2%.

Comparing October 2009 to 2008 and 2007 – there are dramatic changes in less inventory.

Months of Inventory -  October -  2009 = 1.68 – 2008 = 4.54 – 2007 = 12.34.

The forces driving our market appear to be the same as we have experienced over the last five to six months. Short sales and foreclosures are still a major part of some markets including lower priced properties areas, inland areas, and areas that had a lot of new construction and sales over the past five years. In areas where distressed properties are not as common sales are still being made if buyers can see the value in properties priced right to meet market conditions.

Excellent interest rates continue to be a major factor in creating market activity with rates around 5% on a thirty year fixed loan. The $8,000 first time buyer credit and FHA and conventional conforming loans up to $729,750 are also important factors causing market activity. Both of these government programs have just been extended well into 2010.

If this isn’t an outstanding time to buy real estate then there will never be one.

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Email Craig if you would like to know more about buying or selling a home or condo (925) 984-4910.