Hard to believe it’s mid-July 2014 already! Where has the summer gone. The beginning of 2014 was pretty rough with extremely limited inventory levels.
Inventory in the Riviera has quickly increased this summer, however. Starting out this year with as few as 5 homes on the market and getting through May with only 8 homes on the market was only possible because as homes came on the market for sale, they were quickly snatched up, often in multiple offers and selling for above list price. There are currently 19 homes for sale here in the Riviera (as of July 20th, 2014) – an almost 400% increase from February. There are several reasons for this shift in inventory.
One being the rise in average pricing. There has been an 8% increase in average price this first-half-year over 2013’s first-half-year.
Secondly, since there has been a gain in average price, many homeowners are seeing equity positions in their homes increase, so more homeowners are now ready and able to sell their homes again. This results in more homes for sale and a more ‘normal’ inventory level and a more stable market with smaller price increases moving forward.
Thirdly, as we enter deeper into the summer months, sales often slow down as the busiest season of the year, spring, is now over. Part of that spring rush is that buyers with children want their move to be well under way by now, so they can establish residency for the next school year.
