🔴[LIVE] US REAL ESTATE INVENTORY WATCH
🔴[LIVE] US REAL ESTATE INVENTORY WATCH
- Half the country is experiencing price declines. LAWRENCE YUN, CHIEF ECONOMIST, NATIONAL ASSOCIATION OF REALTORS
- World Economic Outlook Shows Economies Facing High Uncertainty
- YOY NEGATIVE NUMBERS
- March -3.3% yoy pending -27% New Listings -24% more than 1 offer: 44% vs 62%ly
- VIDEO OF THE WEEK
- https://youtu.be/e2gAU4NJDlE
- What you get for $1MM Santa Clara County
- 🔴[LIVE]
- NEW LISTING
- http://blog.abitano.com/2023/04/16108-paseo-largavista-san-lorenzo-ca.html
Thursday US REAL ESTATE INVENTORY WATCH. Your home is worth... https://bit.ly/AbitanoHomeValuation new market video https://youtu.be/iEnlrURFx3s REOs are leveling off. San Jose Real Estate Sales are moderate All these questions and more are unpacked in this edition of Silicon Valley Living! We’re talking about affordability right now. FHA and VA are big options right now. Map tour of Willow Glen https://www.youtube.com/watch?v=LQgOUjf2QCc California Housing Market Trends | Real Estate Inventory is spiraling across the US Get out and buy now. If you think the market will fail, then don't. If you wait, and rates go lower, you will see 2021 all over again.
Good morning. I can't believe it's Thursday already. It's good to be busy. I am so grateful, I tell you. But it just, the days flash by, it's so great. But sometimes you feel like you miss stuff. Like I know I'm missing stuff from the stuff I wanna report to you today about the inventory watch, but I think I'd be creating a story about it.
The market, the economy, all this other stuff that I want to go into a little bit deeper.
And I wanna I, don't, what I'm hearing and what I'm seeing are two different stories. So what I'm seeing is the economy's crashing, the global economy's crashing, and that's, the three things that are on our list today of things to talk about. Let me go to this real quick. Half the country says half the country.
Half the country is experiencing price declines. LAWRENCE YUN, CHIEF ECONOMIST, NATIONAL ASSOCIATION OF REALTORS
Half the country's experiencing price declines. This is Lawrence June. He's the chief economist of the National Association of Realtors. I know you can read that there, but he's been around for a long time. He sees what's going on. He's very. Happy going. He's not very chicken little. He always tries to have a positive spin on what's going on.
And when you see him talk about declines, that's actually a good thing. Now, this isn't everywhere, right? It depends on inventory, it depends on the market. It depends on the job. It depends on a lot of different things. But also what you have to keep in mind is The market needs to come down a little bit, and it has come down over the last year.
As a matter of fact, April 2022 is when we saw the peak of the market. So we're right now, we're right at the peak of a market plus one year, and we've seen prices decline. I'm not the kind of guy that's going to stick his head in the ground and say, everything's great. I'm going to tell you how it is, and I want you to be aware of what potentially happened.
And I've never told you anything otherwise other than the fact that I want you to know that some other things are. That can affect real estate, but it also affects where you live and how you live. The cost of living businesses, jobs, automotive, health insurance, everything is intertwined, which is why we do this video every day.
Four times a week we're seeing prices come down, right? This, I'm reporting on this next week, that 3 75, that's actually more, Hey, that's the act. That's good. I just saw it. I think I do that. Yeah. Last month it was 3 7, 360 3, so that's really good. We saw 360 3. That's when I reported it, and now we're going up a little bit.
That's good. Which kind of goes into the next. Thing, world economics outlook shows economies facing high uncertainty. Of course, there's high uncertainty. We've overprinted trillions of dollars and forced it into our economy, which affects the global economy. And not to say the word ego or anything, but it is what it is.
World Economic Outlook Shows Economies Facing High Uncertainty
We have done a lot of, now this is 2020, so this, number's actually not good. I wanted to work with this world economic outlook. Economies facing high uncertainty, right? Real G d b growth. We're stagnated. We're less than where we need to be. In a growth series, but after what happened we're doing what we can.
I know that everybody I talk to that owns a business or works for a business. They're seeing these clashes, right? Employers are saying it's hard to find good workers. It's hard to find people that wanna work. It's hard to find people that want to show up. I have a friend who has a small business and he's having issues filling an s a simple accounting spot.
Price. Wages are going up. Prices are going up. The cost of living is going. Inflation has been around since we started printing all that paper. And it's not going to happen. So things have to go around, and I know other businesses have to recognize this and increase their prices, which sucks because that's when inflation happens.
Everything else has to come up to meet that, that, that thing. We can't keep our heads on the ground and say Everything will be fine. We're going to have a slightly slow landing. That's not going to help with this inflation. The inflation's always going to be there, so get used to paying $4 and 50 cents for a gallon of gas.
That's why I talk about it, we have to get used to these prices. Likewise, if you're not making W Money, enough money to live where you're at, you need to go search around, find something that's going to pay you more money, because that's just the way it is. And employers, it sucks as much as it sucks. That's the way it is.
You have to make more money. You have to charge more money because you're going to need to pay for these new employees. All right, year-on-year negative numbers. March is down three points. 3.3% year on year. When we report for April, you're going to see it start to flip. You're going to see that number, that 3.3, the negative 3.3 starts to flip.
YOY NEGATIVE NUMBERS
March -3.3% yoy pending -27% New Listings -24% more than 1 offer: 44% vs 62%ly
Pending sales are down 27%. New listings are down 24%. That's because inventory is down. That's why, we're talking about this today, more than one offer. However, because inventory is so low, even though price rates are higher, people are still buying houses. 40%, I think this is nationwide or California white versus 62% last year, you're going to see more than one offer, which means like I report for Santa Clara County.
We had, I wanna say, what was it yesterday? I told you over, we had 60% in one week, over 100% list price. That's sold prices, list price over. So if you listed at a million dollars and it goes over whatever percentage that is, it's over 1% or 5% or 27%. 42 out of the 70 closes, or 60% closed over the list price.
You're on you, so this is just for 2023. 47% of the homes have been sold for over list price.
VIDEO OF THE WEEK
All right, down to the columns below, you'll see this YouTube link right here. 10 Reasons to Love San Jose. I'm promoting my channel. Gotta do it. If you know anybody that's looking to move, send them this. There are a bunch of other videos, not just of San Jose, but sending Bell Willow Glen Los Gatos, and Cupertino.
- VIDEO OF THE WEEK
- https://youtu.be/e2gAU4NJDlE
There are all sorts of different videos there so they can get to know what's going on, what you get for a million dollars. This is what you get. These are single-family homes, not single-family condominium townhomes. There are 46 homes for sale in the bucket range, of 950 to 1,000,050 for sale in Santa Clara County.
What you get for a Million Bucks in Santa Clara County
So let's just take a quick look and see what you get for a million dollars. This is a townhouse agent. Do you need to stop that? Look, if you're an agent, you're watching this. Don't make your first picture anything but the house. There you go. I can see why you did it because it's in front of a toy house there.
That's what you're buying right there. Oakwood School. Santorini Tarini Lane in Morgan.
It's on the west side of, yep, it's all right. So that's Morgan Hill. Let's take a look and see what else you can get. Mountain View. You can get a little house. Let's take a look. Two bedrooms, one bath, 850 square feet for a million dollars. That is $1,100 per square foot. Isn't that great?
Old beat-up townhouse condo. It's condo Los Altos, two bedroom, one bath, 850 square feet built in 1963. A million bucks. Cool million bucks. What'd you get for a million dollars, guys? Isn't that crazy? You can get the same thing down in Morgan Hill, Gilroy for 4 50, 600. Gilroy especially, I know a spot. Let's see, what else?
That's Palo Alto. Let's take a look at Palo Alto. Oof.
Active 19 days on the market. Built-in 19 93, 833 square feet. It's again, 1100 square feet per $1,100 per square foot. Good for you. That's awesome. Nothing super special. Painted cabinets. New counter white stove. It looks white. Yeah. Mismatched stove. Everything else is stainless steel except for the stove.
Okay, let's see what you can get. Maybe Sunnyvale. Let's see what's up for Sunnyvale here. Same thing. Three bedroom, two bath, 1100 square, or yeah, 1100 square feet Built in 1987 right off of Fremont Wolf. I've sold in here before. This is a nice area. This is a nice complex.
Bucks.
Crazy guys, but it's nicely updated. You can paint the cabinets if you want. Nice. New bathroom. Nice. Let's see where it else.
I saw that.
Have you seen a pattern here? They're all condos, except we're on the east side. We're near the east side. You can get a single-family house. Remember we said this about San Jose, right? We said this. I'll open this up so you can see us. Woo. So everything on the west side of 87
Is far more attractive than this. And it's not because it's ghetto or whatever, it's because there are hardworking people here. There are really nice areas here. It's just not going to go for as much as over here because this is the epicenter of technology and it's closer to working there, right? So you have LinkedIn, Google, and Facebook Aerospace.
You have VC up here, the closer you are to here, the more you're going to pay for it. So a million bucks, you can still buy a house for a million bucks. 1400 square feet. Built-in 1976, the first day on the market, not super close to the freeway. It was a nice-looking house. Just get inside. Nice. I wanna say that's laminate.
Someone's playing with their, camera with the Boca Effect. That's nice. I'm just learning that. Yeah. Okay. So nice. This is a nice house for a thousand. For a million bucks, I think they're looking at trying to sell it for a little bit more. Let's see what else is out there. Ooh, high rise in Palo Alto.
This is Santa Clara, a single-family house in Santa Clara. Nice. Three bedrooms, 1400 square feet. That's a probate sale, so let's take a look at some deferred maintenance. Oh, maybe the sunglasses come with them. That's cool. Yeah, look at that. It's a big old trench hole there. Oh no, don't tell me that. Okay, so what I'm seeing right now is a problem is that unless it's diverted, this could be the backyard and there's dirt leaning up against the wall.
So unless that's protected, somehow you're going to have some major problems there. I'll mark it as three days. It's a good potential property there that's probably going to sell for one five. This is Gilroy Quell Walk Drive, a million bucks, seven days. What's wrong with it? Okay, but let's take a look. Okay.
Yeah, this is a nice area, Gilroy. It's, further away from downtown, but that's okay. It's a nice-looking house.
Screaming Shay. Yeah. This is a, developed property. Okay, original everything, it's okay. It's good million dollars. If this thing was fixed up, it'll probably go for one, four to one 16, depending.
This will probably sell really, quick. How many days? Seven days on the market. So there you go, guys. That's what you get for a million dollars in Santa Clara County. All right. The final part of the story is inventory. Coming up a little bit, which is good. Not like who, we have a surplus of inventory, but inventory's starting to pop up.
It's a month late two months late March, April, and May is our timing for our sales season. We're on April 20th and March 1st. We should have seen a bump in inventory. Now we're seeing it come on the market because I think what's happening is that the rates come down a little bit. This gives sellers a little bit more nudge to get things done, to get things ready for market, get 'em on market, and there is some consumption there.
We are seeing houses go to go into contract, so a lot less red this week, which means lower, inventory from the week before. But I think what we're seeing is. We're seeing inventory start to slightly chunk up. Not like a hockey stick or anything scary, but that's good. Just for the weekend. All right, I've been going for 16 minutes.
I'm Vitos Scarnecchia with Abitano, have a great weekend. We'll see you out there.
Vito Scarnecchia
Realtor®, Broker, Veteran, Dad
DRE#: 01407676
Website: abitano.com
update your home value: https://hmbt.co/bT7qRJ
FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia
If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents!
Book appointments here: https://calendly.com/abitano/15min
IG https://www.instagram.com/abitanogroup/
FB https://www.facebook.com/vito.scarnecchia/
LI https://www.linkedin.com/in/vito-scarnecchia/
Blog http://blog.abitano.com/
POD https://spotifyanchor-web.app.link/e/oxdH1Hwfcvb
Professional Photography by Kim E https://photosbykime.com /
Compass site: https://www.compass.com/agents/vito-scarnecchia/
VydeoEase.com- video post-production service for business marketers. VITO50 for discount
Video Marketing Course for Realtors https://karincarr.samcart.com/referral/O0FGKRS3/0orWK4vK5bAYBD6E
Try Melon video streaming https://melonapp.com?ref=vitoscarnecchia
Comments
Post a Comment