More of the same. Inventory keeps dropping at a time of year it should be increasing. Its worse than the numbers show also. I know that I have full price all cash offers sitting on properties (equity sale not distressed) that are stting in active and should be pending. I have offers on short sales still sitting in active also. Not much chance for downward pressure on prices with these conditions.
That supply is likely deadbeat borrowers sitting in their homes for 3 years enjoying the life of no payments. Lot’s of supply just churning in the background. Waiting for their Government welfare in the form of loan mods or principle reductions.
Alot of those deadbeats have been flushed from the system already. Lots more are in process of foreclosure, loan or short sale. The biggest portion of the problem has been digested based upon what I see in our pipeline. The shadow is shrinking every day.
[quote=sdrealtor]Just ran some preliminary numbers. Looks like inventory is starting to fall even faster.[/quote]
Duh . . . wonder why? Could all those “baby boomers” think their property is somehow “special” . . . . or perhaps . . . currently “artificially undervalued,” lol :={
[quote=sdrealtor]Just ran some preliminary numbers. Looks like inventory is starting to fall even faster.[/quote]
It’s already the end of March and inventory is actually decreasing. Spring will be very interesting to watch. For MM, where there are 23k households and a population of 74k, there are currently only 95 SFR and 60 condos for sale. That includes contingent listings.
[quote=AN][quote=sdrealtor]Just ran some preliminary numbers. Looks like inventory is starting to fall even faster.[/quote]
It’s already the end of March and inventory is actually decreasing. Spring will be very interesting to watch. For MM, where there are 23k households and a population of 74k, there are currently only 95 SFR and 60 condos for sale. That includes contingent listings.[/quote]
That seem to be the trend in the entire 56 corridor region. new listings in my neighborhood are going pending ASAP. Buyers seem to be ignoring the old listings, however.
Yes it is getting interesting. Pressure has to be up on pricing with these kinds of conditions. In my hood prices gapped down 50 to 75K between nov and Feb as did most of my area. Some nice listings are coming on but well about even the prices from last Summer. They will need to reduce but will be interesting to see what happens. I can see a possibility of the gap down reversing and gapping back up.
