Market numbers this month show 65 active listings in the Verdes which is more than we have seen in some time. According to the Cromford Report the news across the valley is not as hopeful. As of the middle of January listings were down over 15% from the same time period last year, and last year was a low inventory year! This weak supply of inventory will be felt throughout the selling season.
The shortage has also impacted the growth of the iBuyers, also known as Opendoor, OfferPad, Zillow and the like. Opendoor and OfferPad’s bread and butter are the homes in the $250,000-$350,000 price range. These priced homes are in high demand and these homes are right in the middle of the inventory shortage. Thus, iBuyers purchased 13% fewer homes to sell in December 2019 compared to December 2018. Added to their competition for inventory are investors competing for rental properties as rents get higher spurred by scarcity and rising prices.