Closest Post I could find on short notice…from…drum roll please…none other than Powayseller herself:
Deceiving Data for North County Sales
User Forum Topic
Submitted by powayseller on December 13, 2005 – 6:46pm.
The latest data from the NAR seems to indicate that the housing market is robust, but if you look deeper, you find that speculators are fleeing the market.
From the North County Times:
“Detached home prices up 14 percent from year ago
By: BRADLEY J. FIKES – Staff Writer
NORTH COUNTY —- Defying warnings that a real estate bubble is about to deflate, the median price of existing single-family homes in North County rose significantly in November”….
Actually, the bubble is deflating. Later in the article, a realtor is speculating about the reasons for the higher median home price: investors, who buy lower-priced properties to flip, have fled the market.
The numbers show 30% more listings, and 20% fewer sales (compared y-o-y). Put that together, and you have a much smaller percentage of available homes sold: 50% of listings sold this year, vs. almost 100% last year.
If we look around at signs and talk to friends, we find out that houses are on the market much longer, with multiple reductions.
Does anyone have data on the sales price/original list price, or the # of reductions on sales price?
