Anyone who reads my blog regularly, has seen several posts about shadow inventory starting back in 2011 with Real Estate Shadow Inventory, Truth or Fiction and if True, Just How Much Is Out There. It is a subject that intrigues me and of importance to anyone who is consider putting their home on the market.
According to CoreLogic, shadow inventory is decreasing at an average monthly rate of 46,000 units over the last year. As of October 2013, the industry’s shadow inventory of homes stood at 1.7 million. Notably, a healthy market hides around 650,000 housing units in its shadows.
Turn back the calendar 12 months, and those numbers were significantly higher. In October 2012, there were 2.1 million homes in shadow inventory with a value of $348 billion.
The obvious question for anyone currently listed for sale or soon to be so for the Napa Valley, how many homes are in this inventory for our local market. Unfortunately there is no easy answer. My multiple listing service, BAREIS, only tracks short sales, foreclosures and properties in default. My professional, the percentage of shadow inventory is far fewer homes than on the national level. Inventory is at an all time low for the number of homes for sale in many of the communities here.
Yountville has only 3 homes currently for sale, Calistoga 16. Both are an all time low in the 30 years I have been selling real estate here. The norms for these at this time of year, Yountville 12-15 and Calistoga 35-40. This is why using a local real estate professional is so important. They can immediately notify you when something new comes to market and give you the best chance of buying your dream home.
Let me put my nearly 30 years experience to work for you and help you get the perfect Napa Valley property