Inventory Shortage Of Malibu Homes

by ritasimpson on July 20, 2012

in How's The Market

New problem in the Malibu housing Market: There are fewer properties to lure buyers.

Malibu in particular is experiencing a shrinking inventory, and increased demand. Competition has been heating up for the deals out here and even  properties in the price ranges above $5 million have been picked up within days of hitting the market. But Malibu Sold UnitsIn Escrowone may ask why some properties linger? Wrong pricing. Lack of choices may be slowing a stronger re-bound across the market, and this may be due to Sellers resistance to list at more “market friendly” prices. It’s almost a chicken and egg problem…

While nationwide sales of previously owned homes fell 5.4% in June from May to a seasonally adjusted annual rate of 4.37 million,  per the National Association of Realtors. Some economists and the Realtors’ group attributed last month’s decline to a sharp drop in the number of homes on the market, leaving would-be buyers with less to choose from.

The Wall Street Journal reports that inventories of single-family homes fell to 2.12 million in June, down 3% from May and 24% from one year ago. That is the largest annual drop in at least 30 years, leaving inventories at roughly the historic levels that preceded the housing bubble of the past decade.

 

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