The cool winter winds continue to blow through the Antelope Valley residential land submarket as January moves into February. Homebuilders and investors alike are taking a cautious approach towards the land buying pool and are hesitant to jump in.
Finished lot inventory (which includes both finished and partially finished lots) currently stands at approximately 2,500 units in the Antelope Valley. Palmdale holds approximately 1,600 of the lots and Lancaster has the remaining 900. 95% of these finished lots are controlled by private investors who are looking at two to three year holds on their land investments. These investors are waiting for home prices to increase and for homebuilders to return to this submarket before they make their next move.
The Land Advisors “High Desert Team” continues to keep the pulse of deals in the Antelope Valley with two current listings and one escrow.
Source: Michel Faris, Marketing Consultant, (949) 852-8288 x14