Eastern Monmouth MLS Inventory Chart
Inventories are growing nicely going into the "busy" spring selling season.
posted by Little_Silvered at 9:15 PM
Sunday, March 26, 2006
Inventories are growing nicely going into the "busy" spring selling season.
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7 Comments:
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Do you think prices of beach houses will come down at all or will they be immune to any price decreases? At ridiculous prices people are still on waiting lists to buy 500 sq ft boxes on tiny little lots...some where you don't even own the land, and people are still buying from what I can see...I've been watching houses in a particular location (out of curiosity because I certainly can't afford to buy) and I am amazed at what people are willing to pay for these things. It seemed like inventory was through the roof, but now half of those houses are under contract.
Houses that were bought for $80,000 a few years ago are being sold for $400,000. Is a close to 80% drop likely? Wouldn't a return to slightly above 2000ish prices be considered a "correction"? It just doesn't seem possible that houses close to the beach will drop significantly, if at all. I would love it if they did though, but I'm certain that I'm far from the only one who is watching these houses (only I wouldn't be in it for investment purposes)...which makes me think there won't be much of a drop...if any.
Thanks for the chart.
We are at an interesting point this week. With the month about to end there would normally be an expectation that MLS listings would decline a bit as agents removed completed sales, but I don't think that's going to happen.
Nothing nefarious, just a lot of housing is likely to be coming on line. The growth may slow, but I don't expect any decline.
Care to speculate on where we will be at the end of the April?
I have no data for this time of year, but my guesses:
Good scenario: 3,600
Bad scenario: 4,000
likely scenario: 3,700
No matter what, I expect May to be worse than April.
Also,
What do you think of the recent Fed rate hike and the future direction of the fed?
I believe that the Fed is specifically targetting the housing market and won't ease until they see a year over year decrease in home prices in some of the more bubbly areas. If that is the case, then I think there could be another 4 increases of 25 bps each between now and about October.
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