Wednesday, November 01, 2006

4558 Homes on the MLS

Last week there were 4622. Given the 5.9% decreases in pending home sales in the Northeast and falling mortgage applications, I'm pretty sure that the weekly reductions in inventory reflect de-listings more than actual sales. Whether homes are being sold or not, I doubt too many people are anxious to put their home on the market right before the Holidays. It will be interesting to see how much inventory spikes in January, especially since there are over 1500 more homes for sale now compared to roughly the same period last year.

3 Comments:

Anonymous Anonymous said...

The decline is certainly on, though the recent dropoff was certainly pushed a bit by the usual end of the month clear out.

For what it's worth, E.Mon seems to be declining a bit more than W.Mon, S.Mon and Ocean Cty.

On a related note, my monitoring of median ask prices continues, though Realtors constant shifting of age-restricted properties from SFH to TH/condos makes it tough.

Ask prices have drifted down a bit, with most of the recent action coming on condo prices. I'm sure we'll see a little more movement this year, but the real story will come early next year.

Lindsey

Thursday, November 02, 2006 1:59:00 PM  
Anonymous Anonymous said...

A quick comment about selling in the current market. My wife and I recently bought when we found exactly what we wanted for a price that was impossible to pass up. When we listed our old northern Monmouth County house for sale on October 23, we made sure that it was 10 percent lower than anything comparable in town which probably translates to about 15 to 20 percent off its high value in 2005. In under two weeks we already have two offers. The lesson in clear- buyers are out there closely watching for a deal and good houses still sell relatively easily when priced correctly.

Thursday, November 02, 2006 4:37:00 PM  
Blogger lindsey said...

Just an observation,

Unless inventory declines at more than twice the rate it did last year (about 10% overall) we will likely start 07 with the same level of inventory we had in May of 06.

From January to May of 06 inventory grew by more than 35 percent. A repeat performance would give E.Mon 5,100 to 5,600 listings next May. In the two counties listings could easily top 20K.

Friday, November 03, 2006 3:33:00 PM  

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