As is my custom what follows is my take on the local real estate market. Keep in mind that I stress the "local" part as all local markets are different and react to many unique factors. When you read that the real estate market is "soft" or "hot" on a national level that is like saying the average temperature is 70 degrees and to imply from that the temperature everywhere is 70. Sometimes our market is better, sometimes worse than others.
It looks like our local market is still strong. As of today there are 5,339 detached homes available on the market. 1,562 went into escrows during January and another 2,350 went "contingent" (short sales awaiting lender approval) during the month. Using just the new escrow number we have a 3.42 month supply of detached homes on the market. A supply of less than 4 months is normally considered a moderately strong market with prices on the upswing. If you add the 2,350 new contingent listings to the new escrows we come up with a supply of 1.36 months.
The attached (condo) market shows 2,591 units now on the market with 839 opening new escrows and another 1,874 going into the "contingent" status. The new escrow index shows a supply of 3.09 months and 0.96 months when we add the "contingent" listings. Both are strong with prices starting to increase. Multiple offers are still common in the lower price range with sales occurring above the listed price in many cases.
Activity is slower in the higher price ranges with longer on market times being common, due at least in part to tougher financing requirements that make it difficult for move-up buyers to make aggressive moves.
