Fremont, Newark and Union City Market and Inventory Levels -Week of 3/12/08
March 12th, 2008 by Peter Frumenti | 2 responses
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The graph above is a tool that we use to watch the market here in the Tri-City area. Understanding this graph and the numbers it represents is one key to understanding the market and picking the best time to purchase or sell a home.
The blue line represents the active single family homes currently listed on the MLS (Multiple Listing Service) for sale.
The pink line represents the single family homes that are listed on the MLS as pending. These are homes that have recently sold but have not closed escrow yet.
Notice what happens to the two lines starting in early 2003 thru early 2005. The number pending listings(the pink line) become equal to and then higher than the number of active listings(the blue line) until early 2005 when the trend reverses.
Based on the graph above:
- When would be the best time to have sold your home in the last two years?
Most people are surprised to find that December 2005 and into January of 2006 would have been the most ideal time to list your home in the last two years. Prior to that it would have been fall of 2005.
You will also note that the inventory has a tendency to decline or level off into a new year. This is because many sellers pull their home off the market in the winter because of the holiday season. During this time of year there are less buyers out but the ones who are looking are typically motivated and serious buyers.
The cold weather and rain in the winter do keep people away but based on the data above I believe that late January is the optimal time to sell. February and March are close seconds and continuing through the fall. The summer is still okay because there are more buyer’s out but it tends to take a lot more showings to sell and you do have to compete with a lot of other properties on the market. Most homeowners that did not sell last year will re-list their homes for sale in the late spring. Additionally, new sellers will list their homes and you have to compete with more inventory.
The market dictates how these cycles run and it is always important to have a total market overview in order to truly understand all the factors and help you make a decision on the best time to sell. We tell our clients to contact us as soon as they are even thinking of buying or selling so that we can advise them on the best course of action based on their goals.
My final thoughts and advice are as follows:
Sellers:
The current late winter/early spring market is a great time to put your home on the market. If you price your home fairly, present your home in the best light and promote it well you will have no problem selling it and should get the best price possible at any point in the next 12 months.
Buyers:
There are still a lot of foreclosure opportunities and the high inventory means only the best of the best homes sell. Take advantage of this market by buying a home while everyone else is selling. Even if you don’t think you are ready but want to own a home, set a meeting with a realtor who can help you establish some goals and get you on track. I highly suggest anyone that ever wants to own a home in the bay area to start thinking about it today as this kind of market tends to happen only once or twice every 10 -20 years.
For more information on this article or if you just want to talk about the real estate market send me an email: peter@frumenttieam.com.
To setup a home search, download free reports, get the value of your home as well as other tools visit www.frumentiteam.com today.
The Frumenti Real Estate Team is your source for Tri-City area Real Estate news and advice. Call us today at 510-770-1475.
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The Author: Peter Frumenti
About: A Tri-Valley native, Peter comes from a long line of real estate professionals: his grandfather, grandmother, and father have all served in varying capacities in the real estate industry. Formerly a director of sales and marketing in the hospitality industry, Peter has a strong sales and marketing background, which has served him well at both Keller Williams and Century 21. When Peter is not buying or selling homes for his clients, he serves as a board member for the Viola Blythe Center, a non-profit organization that provides social and humanitarian services. He is active in a number of Tri-City community organizations, as well. Peter serves on the agent leadership council for Keller Williams Benchmark Properties and is a member of the National Association of Realtors and the California Association of Realtors.
This entry was posted by Peter Frumenti, on Wednesday, March 12th, 2008 at 5:23 pm and is filed under Featured, Marketplace. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response on the right, or trackback from your own site.
2 Responses to “Fremont, Newark and Union City Market and Inventory Levels -Week of 3/12/08”
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East Bay Community Resource by the Frumenti Real Estate Team
A resource for community information and homes for sale. Search by city to find schools, neighborhoods, real estate market information and new home listings in Fremont, Newark, Union City, Hayward, Castro Valley and San Leandro, California. 510-770-1475
April 2nd, 2008 at 2:57 pm
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April 10th, 2008 at 2:53 pm
Great graph and article! In this market it is important for sellers to do everything they can to differentiate their house from all the others on the market. I cannot stress enough the importance of fair pricing and having your house look its absolute best!