New Home Inventory at Record Lows
The National Associaton of REALTORS published a report on housing inventory today that provides an interesting national picture of what is happening in real estate. The most remarkable piece of the report was the new housing inventory report. According to sources Census Bureay and Haver Analytics, Inventory of New Single Family homes is at its lowest level in 50 years.
According to Jack Hardy, CEO of Century 21 Hometown, “Inventory for new homes is as low as I can remember. The only inventory is Shane Creek in Templeton (for sale since 2006) which should sell out in the next few months. There is also little project in Arroyo Grande on Spruce Street with one sold, and three left.”
Century 21 Hometown works with S&S Homes, one of the area’s largest new home builders. They have a little project coming online in Nipomo this year – only 6 units. Hardy says that other than that, “The old pig farm on Farro Road between Oak Park and 13th street should come online next year with 48 units.”
“Overall, every type of inventory is very limited. We have a backlog of buyers looking for homes. We are listing about 100 homes every 30 days but we had 197 transactions last month.” says Hardy. If you are considering selling your home, please contact a Century 21 Hometown Real Estate Agent today.