Home inventory has declined to its lowest point in three years, according to a study released by the San Diego Association of Realtors. March’s figures show that there are 74,000 active listings throughout the county, the lowest total since June 2009. The numbers are down 38 percent year-over-year and 8 percent lower than February.
The active listings count doesn’t include contingent listings, which is a category for sales awaiting final approval. Short sales fall into the contingent listings category. Short sales accounted for 23.9 percent of resales in January, the highest percentage since the housing decline in 2007.
Housing experts predict that the low figures may indicate that more sellers are unable to sell their homes for prices they deem acceptable. The numbers may also be due to a high level of homeowners who are undergoing loan modifications or are underwater on their mortgages but are unable to move.
Still, the decreased inventory may mean good news for sellers determined to make a transaction. A tightened inventory with more competition and limited supply may increase home values a bit and drive up prices for those still willing to enter the market.