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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Elroy Jetson who wrote (18962)3/28/2004 7:13:33 PM
From: ildRead Replies (1) of 306849
 
How will this tight market work out in Summer? Sellers are not accepting contingencies especially the one where the offer is dependent on the sale of the buyers' home. The normal market flow is disrupted.

The supply of homes on the market has dropped below even last year's historic lows, according to the California Assn. of Realtors. In January, Los Angeles County had a slim 1.5-month supply of homes for sale, down from 3 months in January 2003. By comparison, the county's all-time inventory high was 27.9 months in February 1991. The inventory measure indicates the number of months it would take to sell all homes on the market at the current sales rate.

Conditions are even tighter in Orange County: 0.6 months in January versus 2.6 months a year ago.

Many prospective sellers — fearful of becoming buyers and having to pay top dollar for what few properties are for sale — are keeping their homes off the market. "We're thinking about selling our house, but we have to figure out what is available," said Sherman Oaks homeowner Marion Fainstein. What is on the market in Sherman Oaks is overpriced, complained Fainstein, who is looking for a home in the $800,000 to $1.3 million range. "There is no value for your money."

latimes.com
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