Not in my neighborhood too!

[lostkitty]

Well, looks like powayseller was right… Even up here in upstate NY, the inventory in my neighborhood has increased 50% in the last 2 months!

Some say it is seasonal, but I’ve been here 4 years and have never seen this many ‘for sale’ signs before. They are everywhere… Two on my street alone. Granted, they are selling fast and for lots of $$ increases over last year, but as soon as one sign goes down, another pops up.

We’ve had lots of big business news in our area lately, so maybe it is speculation. Maybe I’ll get lucky and things will boom here and i’ll cash out and go back home to SanDiego when prices are cheaper there! (Wishful thinking – and I could never pull my kids out of these schools anyway.) At least I could get that beach condo out there I’ve been wanting….

How is the weather anyway? – we’ll be there tomorrow.

[powayseller]

The weather has been unbearably hot at the coast, and worse inland. I was at the harbor and beach both days this weekend, and was miserable. It’s supposed to cool off this week.

Well, the inventory thing is surprising. It sounds like you actually have MORE listings. Here, we do not have more people listing, just inventory piling up because DOM is getting so long.

Here, the inventory is increasing because sales are down 30%. Last year at this time we had 16,000 inventory, and if we had last year’s sales rate, our inventory would be 16,000 now. But since sales are down, the inventory keeps piling up. I got this from Bob C. So our inventory is high because of low demand, not because more sellers are listing.

[lostkitty]

“Thanks for sharing that and participating in this forum. I invite you to consider my point of view…”

I was just outside gardening and walked to the end of the drive and ran into one of the neighbors whose house is up for sale most recently…. BANKRUPT! I can’t believe it. She just totally re-did the 4000sqft place. She did make a lot of comments while remodeling about “sticking it” to her husband (who moved out years ago, but didnt want to divorce because it is not a popluar thing to do in this town or at their country club). Well, he divorced her over her spending on the remodel, and she is from OLD OLD money.

Interesting.

Too bad about the heat. cant be any worse than the humidity/thunderstorms we are dealing with here the past three days.

[sdappraiser]

A thought. If investors/flippers were credited with making 30% of the purchases over the last couple years wouldn’t it make sense that current sales numbers are down 30% YOY?

I know there are still flippers out there, I’m watching a few deals implode. But for the most part, maybe this decline in YOY sales is just the froth coming off the top.

I too believe that many listings will come off the market in the next few months as many sellers are just testing the market and trying to get unreasonable top dollar. I’ve made several informal calls to listing agents regarding high priced listings that have been stagnant, there is a lot of frustration out there. Lot of vacant houses though too.

[sdrealtor]

The weather may be unbearable inland but its fabulous on the coast. Ocean temps are around 70 to 72. I’ve been to the beach 7 days in row and while the surf is weak the water is great for swimming.

[PD]

I’m loving the weather right now. It is usually too cold here for me (at the beach) but it has been perfect lately. I wandered around downtown Coronado and ate lunch on the patio at the Del today. It was very enjoyable as the weather was so nice.

[CardiffBaseball]

I think given that we have no AC it’s too damn hot. I go to the beach most nights so that I don’t go into heat exhaustion. Sure we get some breeze but not enough.

[rankandfile]

What part of upstate NY are you from? I am heading out there in the second week of August to visit family in the Glens Falls/Saratoga area.

[powayseller]

“The weather has been unbearably hot at the coast, and worse inland. I was at the harbor and beach both days this weekend, and was miserable. It’s supposed to cool off this week.”

I didn’t even say how hot it was inland…But I will: it was really hot, and my A/C runs almost non stop.

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