Credit Suisse Report

We just received the latest Credit Suisse Housing Survey for the month of January 1012.  The survey provides some interesting and encouraging results.  On a nationwide basis:

  • Agents surveyed see newfound buyer confidence
  • Traffic improves to levels not seen since the Homebuyer Tax Credit
  • Price pressure eases in January
  • Inventory declines for another month

All four of these items are indicators of an improving real estate market.  The question remains, when will these indicators translate to actual sales.

For specific markets in California, in the South, Los Angeles, San Diego and Riverside are still showing slow traffic and tentative buyers, while Sacramento has increased traffic and sales, and San Francisco is holding steady.  It looks  like the improving market is starting in the North.  Here in San Luis Obispo we are right in the middle.  Our market is seeing more traffic and a few more sales.  Most of our sales are in the lower price range where both first time buyers and investors are  taking advantage of the lower prices and fantastic interest rates.

All of us here at Farrell Smyth we see 2012 as the year where the housing market turns the corner.  With prices down and interest at record lows, this may be the best opportunity to purchase real estate for years to come.

Posted by: Larry Smyth

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