Tuesday Chat- Inventory is WAY down! Are Homes Selling?

Why? is this good or bad? 

Are houses still selling?   
New Listing LIVE 
Open House Results First Full Week of 2023 


Good morning. It is January 10th Tuesday, 2023. I Want to start spread loading these lives out every day or so. I'm not promising every day. I'd like to do it every day, but thought I'd give it a try because what I'm noticing is when you're online live for 40, or 50 minutes, viewers tend to get a little bit longer and I, probably bore the hell out of you,

New Format

So what we're gonna do today as an experiment for the next couple weeks is break down each section. So today what I'm doing is, walking this down to some statistics. And I know everybody's yay, statistics. A lot of people are asking me, Vito, how's the market doing? Is it slowing down?

Market Changed direction AGAIN

Is it what's going on? I had an open house this weekend. I had 13 sets of people or 13 groups come through. I haven't seen that in six months. Rates are going up just a tad bit. Inventory's at a massive low. As a matter of fact, we're gonna go into the statistics of that, but.

I have a lot of volume coming in for home showings. I have two listings going on right now. Both of them are getting flooded with showings and the open house that I did this last weekend was a success I was showing buyers houses up in the hills and each house, not each house, but most houses that we went to were slammed with other buyers trying to take a look at the house.

So I think. The market is prematurely back. When I say prematurely, our selling season is March, April, and May. I think people are just, serious people out in droves looking at houses to buy. I have one guy texting me, trying to negotiate with me. And I keep pushing them off because they wanna negotiate with me, but I know that there are other offers coming in.

I'm happy to look at offers and present offers, but if I have two or three offers, then I'm not gonna negotiate. So anyway, it's good news. If you're looking at selling now's the time to start getting ready. Let me get this stat for you so you can take a look at it. I'm gonna open it up so you can even see it bigger.

Active homes for sale by month over the last five years, right? And now you look like July inventory goes up. July, August, September, and 2018, we had a little bit of a flattening right of the market. So inventory climbed up, but it went back down. Same thing in 2019. I went back down in 2020. There was no.

everything got sucked up. Same thing with 2021. Everything got sucked up. Yes, there were houses that didn't sell, but for the majority, they sold. They sold quickly as is really crazy high over list price offers as is 2, 3, 4 months rent back. It's not typical. Today it's totally different.

Houses are staying on market a little bit longer. . So let me see if I can get this so you can see a little bit more of it there. 50 there. That's a little fair. And look, these are the numbers here, right? These are the numbers that I'm pulling straight from the MLS seven 60, which isn't a bad number over the SE over the summer.

What does this mean?

I think that was the monthly number in that. The numbers that I show you weekly are weekly numbers, obviously. And here you go. This one right here gives you an idea of how sales, the ones in red are actual sales.  when they go into contract, not whether or not they close or not, but whether they convert from active to pending or active to active contingent, which is still pending, but it's contingent on one of the four contingencies.

So you see that again, the markets are slowing down during the winter months, which is what we're seeing right now. This right now I'm showing you, it's like the number of sales has just tanked, but I think it's because people are just like, you know what? I'm just gonna wait until the beginning of the year.


I'm, active. I'm, working. I yesterday took four hours off because I'm working every day trying to get people, get contracts written, get people into houses, and get things done. We just close on a house and we are in a contract and I'm working with another buyer. People are active right now.

Active agents, that have been around a long time. They know the market. They understand what's going on, they're active. So there's a newsletter or a news report here saying that 30% of all realtors nationwide, probably North America-wide, are going to leave because it's going to get very difficult in the coming months.

That's for specific areas. I think right here, right now in Silicon Valley specifically, but in metropolitan areas, people where people are moving to. You're not gonna see agents, good agents starve or twiddle their thumbs. I've been working with a bunch of clients right now. It's just now it's time.

We're gonna see the market kind of collapse. The expectation of this recession that's coming, keeps getting pushed out. We were expecting this recession to happen in 21 and it didn't happen. It happened, it was supposed to happen in 22 and it didn't happen, and now it's 2023 and it still hasn't happened.

Inventory is low

But right now what we're seeing is low inventory, active buyers are out there. It doesn't matter if you're active, if you're a serious buyer, you're gonna be out there hitting the trench. , and that's what I saw this weekend. I saw a lot of serious buyers out there. They're out there buying. Okay, so that was five minutes.

If you have questions, oh, by the way, I got this from an amazing guy. His name is Ryan Lundquist, up in Sacramento. He's an appraiser and he sends out these statistics every day and he just is really elevating the statistics game. Ryan, if you're watching this thank you so much for bringing this kind of information.

To us in the Sacramento region. I want to do the same thing for our, people in Santa Clara County or the San Santa Clara region. So thank you for upping the game and making this the professional that you are. What else? Oh, quick commercial, if you're a small business, Service provider, a doctor, a dentist, financial advisor, insurance salesperson, or whatever.

VydeoEase.com is the company that I use to help me edit my videos, They do all the post-production for my videos. And if you're interested, just click on that link and you get a $5 video edit for free. Once you do it, use Vito 50. You get $50 off a month. All right? Enough of that.


Sales Prices

Tomorrow we're going talk about list price to sales price through Santa Clara County. So hope you're interested in learning

We need your help!

Okay, so what do I want from you, what do I want from your questions I want comments, veto your, You're boring, or I wanna see more statistics of this, or, I think you're full of crap. Let's talk about this. I want comments I want honest debate. I want to see what your thoughts are on the market if you're interested in the real estate market.

Oh, tomorrow we're also gonna go through Santa Clara high and low. And I have these numbers down here, but we'll show you what the actual price per thing is. Let's see. Oh, yeah, I do have a new listing. If you want to come take a look at it. The link is in the comments below. You can take a look at that and then,

Selling? Call us now we'll help you get your home ready

Now is the time to get your house ready for sale in March because you need to do some repairs. You might need a new carpet or what have you. Give us some time to do it. Call me. I have a whole team ready to work for you and get your house ready to sell for the selling season. We also have this product called or service called concierge, where we give you some money.

We give you a loan on your house, no cost, no fees, and no interest, and we help pay for those repairs and some moving costs. So if you wanna learn more, DM me, text me, et cetera. I'm Vito with the A Group Powered by Compass. We'll see ya out there.

Now is the time to start getting your home ready for the selling season
Call, or text 4087056817 to get started


Vito Scarnecchia

Realtor®, Broker, Veteran, Dad

DRE#: 01407676

Website: abitano.com

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