Local real estate news is hard to come by these days.

“Same old, same old” is not news. “Dog bites man” is not news. “Second quarter sales outpace first quarter sales” is not news either--as it happens every year.

Local real estate “news” has been so routine, so flat and so predicable lately, that I’m reminded of the old Shoe cartoon punch line, “NEWS SHORTAGE GRIPS NATION!”

But I’ve got real news today. Real San Clemente news. Real local real estate news.

And here it is: Home sellers are pulling their homes off the market. In droves.

Look at the numbers: Over the last ten years, the average number of San Clemente homes for sale at this time of year has been 457. Last year it was 430. This year (end of September) the For Sale inventory dropped to 369.  That’s a big reduction in supply.

This should be great news for anyone wanting to sell in the near future. Ever heard of “the law of supply and demand”? (Anyone? Anyone? Bueller?)

So, let’s talk about the demand side. Most people I meet on the street are under the impression that the local housing market has somehow slowed way down, that few buyers are buying, that nobody can qualify for a home loan these days.

WRONG! (Insert TV game show loser buzzer sound here.)

It may be hard for some to believe, but we’re actually selling plenty of San Clemente homes these days.

Look at the numbers: Over the last ten years, the average number of San Clemente homes sold in September has been 71. This year, the number of homes sold in September was, guess what… 71.

So who’s buying? People with cash. Investors scooping up deals. And borrowers with a down payment who can demonstrate a willingness and ability to pay back a loan. This is not so different from a few decades ago, when you had to do more than just fog a mirror to get a home loan.

So what does a lower For Sale inventory mean for buyers and sellers? With less supply and steady demand, let’s see…, that means that prices will probably have to go… uhhh…up?

CORRECTAMUNDO! At least, that’s the theory. (Insert TV game show winner buzzer sound here.)  

While there is lots of information published from time to time about local housing, you might want to check out the latest San Clemente market trends at mcotter.com, especially neighborhood statistics.