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Wednesday, September 08, 2010 |
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| Victorville , California |
Daily Press 11/13/2009 |
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Homebuyers far outnumber inventory, driving up prices |
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VICTORVILLE
• Supply and demand is driving local home prices artificially high, according to real estate data, as the number of buyers far outweigh the number of homes on the market.
“Any home that comes on the market is getting multiple offers and most are going above the asking price,” said Larry Trombley with Century 21 Rose Realty. “We just have a lot of buyers and very few homes, and no one really knows why.”
Figures compiled by Trombley show that closed sales in October were down from September by 3.2 percent and that bank-owned homes were 76 percent of the sales.
Trombley said home sales are down only because there are not enough on the market. Inventory was down by 11.6 percent in October from the month before and by a whopping 70 percent over last year.
“The number of homes in the High Desert for sale in October were about 1,123,” he said. “The number of homes for sale in October of 2008 were over 3,600.”
T ro m b l ey s a i d h e keeps hearing about a large number of bankowned properties from foreclosures but said, “If they are there, I haven’t seen any coming onto the market. Inventory keeps going down, and here we are with a zillion buyers to take advantage of the $8,000 tax credit but no inventory.”
That lack of inventory is pushing home prices up. Trombley said prices in October were up from September by 3.4 percent, but were still down compared to this time last year by a staggering 33 percent.
The average selling price for a home in the High Desert over the last three months was $116,617. In 2006 the average selling price for a home in the High Desert was almost $321,000.
“S o m a ny ow n e rs owe much more on their house than what they can sell it for, and it is really tough for them right now,” Trombley said. “I think the banks may be letting owners stay in their homes instead of foreclosing and having it stand empty.”
Banks also have the option of keeping foreclosed homes off the market, which can create inflated prices for the few homes available for sale.
BY PATRICK THATCHER
STAFF WRITER |
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