Real Estate Market Condition Report for Victorville CA - April 2009

• SUPPLY (LISTED): Supply off about 500 units from last report (March 2009). The continuance of this trend of diminishing supply is consistent with a tendency that favors price stabilization.
• DEMAND (CLOSED PER MONTH): Up about 40 units from March. The March report contained an overestimation of current demand that has been corrected.
• FAILURES: Failure frequency declined significantly from previous month
• SALE PENDING (FUTURE CLOSINGS): Another solid advance with inventory increase of about 300 units over previous report implying continued strong closing activity ahead.
• PERCENT SELLING: Moved up several points to 51%. This level of Percent Selling is in line with other markets surveyed.
• MONTHS SUPPLY: Tightened significantly (5.4 to 4.4 months after adjustment) due to decline in supply and increase in demand. The magnitude of this change implies the underlying supply/demand realities are being meaningfully affected.
• MARKET SPEED: Significant jump in Market Speed (45) signals and supports the notion of market transition. As is usual, the surge in speed favors relatively lower priced properties and REO.
• PRICES: All price indicators continue very negative. As of April 7th there are about 1524 bank owned properties (and declining, down from 2300 in December 08) in The High Desert. The high number of distressed properties, in concert with moderate supply, dictates continued volatility and price weakness.  Expect declines in price to slow (not stop) as demand and supply tighten, especially in the lower price range.

For Graphs and additional detail see our complete market condition report.

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