November home sales in Stockton slowed compared to previous months.  There were 745 sold of existing homes.  The rest of California and the United states faired different.  California sales were up 4.6%, while national sales were up 7.4% San Joaquin county has a very low 1.4 month inventory!  On average, the real estate market has an inventory of 6.5 months.

Dave’s take:

Being a traditional slow season could be one reason for the decline in activity.  However, another cause is the lack of inventory.  1.4 months of inventory is nothing!  Talk about a sellers market!  Yes, prices have leveled, if not inched up a bit, but there are plenty of buyers who would like to take advantage to the $8000 tax credit.

As many of you know, agents are getting multiple offers on homes.  There is a ‘shadow inventory’ lurking, but banks seem to be holding the foreclosed homes and not releasing them to the market due to federal pressures or some other unknown reasons.

I feel this is a temporary slow down, as more of the ‘shadow inventory’ is put on the market in the near future.  There is word Bank of America is preparing to release more homes.  Buyers are also going to want to take advantage of the expiring tax credit by April 1st.  The spring should bring new things, new activity and more happy home owners!

Happy Holidays,

David

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