Westcoe Realtors, Riverside Ca…We have been saying here for years that local real estate data trumps national real estate data. We have said this more than your mother told you to take out the trash when you were a kid. It bears repeating over and over again…what is happening around the nation has absolutely no bearing on what is happening right here in Riverside, California…and as a perfect example of what we mean, let’s look at the dreaded “housing inventory problem.”
There have been numerous national housing articles and stories lately about how the housing inventory is dwindling faster than a child’s patience in the barber chair. In fact, some would have you believe that with the absence of bank repossessions and short sales, how is the housing market to survive with just regular buyers and sellers? This line of thinking has one believing that there are simply a dearth of houses for sale, and that today’s buyers simply don’t have much to pick from.
Well, right here in Riverside California, we say Bah Humbug to that. Let’s look at a few stats to show what we mean.
As of March 1, 2015, there were 755 homes for sale in the Riverside area…but let’s give this number some prospective, eh? On March 1, 2014, there were 603 homes for sale in the same area…and on March 1, 2013, the number of homes for sale was 373. Simple math will tell you this is over a 100% rise in the number of homes for sale in just two years. Call us crazy, but with more homes for sale than last year…or the year before…we can’t find the housing inventory crunch the national media wants us to see. All we see is more homes for a buyer to choose from. Wow…hard to find the negative in that.
Also, the good thing about all this additional inventory is that there are enough buyers to keep the real estate ball rolling. Again, as far as Riverside goes, this 755 homes for sale would all be sold in 3.9 months if nothing else came on the market in the meantime! Naturally, this would never happen, as new homes come up for sale daily, but isn’t it nice to know that there are buyers out there buying? Again, it looks like a win-win to us.
In the end, we don’t doubt that there are areas in our country that have inventory problems…and areas where houses are selling much faster or much slower than in Riverside. Our point here is that taking a national average on anything having to do with real estate is like trying to figure out the average price of stock on the NYSE…you can come up with a number, but it will have no bearing on what is happening in the real world…and our real world for real estate here Riverside is doing just fine.
Take care, and as always, thanks for reading our blog posts.