Redfin has posted some interesting data, telling us that the inventory of homes for sale, especially in the San Francisco Bay Area, isn’t going to be rising anytime soon.
2012 didn’t give us a Spring bump and it looks like 2013 will play out the same way.
Surprisingly, despite the fact that the new year typically kicks off the “selling season” for real estate, the percentage of respondents who indicated that they were selling “right now” was sliced nearly in half from the fourth quarter—falling from 31% to 16% this quarter. Most of that loss was made up in the share of homeowners who intend to sell in the next six months, implying that this year’s selling season will get a late start.
For the first two weeks of 2013, the number of new listings on the market has plummeted from last year. And last year was bad.
The inventory of homes for sale is tight and it looks like it’s only going to get tighter. This Spring will be a heckuva time to sell.