Contra Costa Unsold Housing Inventory Shrinks Again

The inventory of unsold homes in Contra Costa county continued its downward trend for the sixth consecutive month, dropping 5% from February’s figures. Market activity measured by accepted offers slipped this month reversing an increasing trend in January and February. Days on market for sold properties dipped slightly to 61 days; however, this may be the result of buyers offering on newer listings rather than an overall drop in days on market. The number of new listings taken fell in March which may reflect hesitancy of sellers to bring properties on the market. A common complaint heard from buyers at open houses is they don’t see as much “new” inventory as they would like. Open houses have been busy with many new buyers out looking but few seem to have a sense of urgency. I have attached graphs showing Market activity for the latest period and the past 12 months.