Weekly Inventory Report discussion board

[fat_lazy_union]

[quote=AN]What’s going on with NCI? Here’s the inventory numbers for MM:
[img_assist|nid=16180|title=|desc=|link=node|align=left|width=419|height=458]
81 SFR!!! Where’s the inventory? What happen to the spring flood, the summer flood, the inventory tsunami? Inventory needs to increase by 66% from this point, just to get back to last November’s inventory level.[/quote]

Maybe by the end of the year, I can sell my rental at +20%? 🙂

CV is better but not *that* much better.

[sdrealtor]

Since May 1st there have been 9 saleable homes on the market in my neighborhood. In the last week the 5 of the 6 priced within reason or only $50K too high went under contract. There are 4 now. One seems priced close enough to sell and I expect it will be gone this week. The other 3 are 100K+ too high. I expect one of those to sell this week also.

[sdrealtor]

Just did a mid week check. Spoiler alert-inventory dropping faster

[outtamojo]

I pity those trying to purchase a place to get moved in before next school year starts.

[briansd1]

[quote=outtamojo]I pity those trying to purchase a place to get moved in before next school year starts.[/quote]

If you want something right now, you have to pay the “right now premium”. Sounds fair to me.

[sdrealtor]

When prices are rising today’s “right now premium” is tomorrow’s smoking deal

[an]

[quote=sdrealtor]When prices are rising today’s “right now premium” is tomorrow’s smoking deal[/quote]
+1
The question is, are prices rising? 😀

[CA renter]

Buy now, or you’ll be priced out…FOREVER!!!

🙂

[sdrealtor]

Yes prices are creeping up in certain but not all areas. The prices people are paying in my hood now are higher than they were paying at the beginning of the year. That is if people can find homes to buy here. Its different everywhere. I’ve heard talk of 10% appreciation in Phoenix this year from a friend who lives there too.

[qcomer]

Just my opinion on rising prices and the sentiment that this is the bottom (which would officially be the third bottom in as many years). It might as well prove to be real bottom this time but based on past history of last 3 years (Spring/Summer bounce followed by lower low’s in Fall), I wouldn’t be too confident.

Strangely, the sentiment has also been the same in previous 2-3 bottom calls as well. Haven’t we seen this before? Stock market bounces back, rates at historic lows, prices start to creep up, etc. Yet it all ends badly as prices are lower in the Fall and the people who bought in Spring “frenzy” realize they are down 5% on their home.

This is just like buying a stock. Housing has to show clear lasting momentum through the entire year to convince of a real bottom. What I feel is different this time is that places like Phoenix, Miami and Vegas seem to be creating some sort of a bottom. That, to me, is a good sign.

[sdrealtor]

There is always seasonal variation in pricing. The difference this time is the inventory. The last time it was this low prices went crazy. There are things in place to prevent that from happening but would be buyers are piling up. The pile gets higher every day that inventory doesnt meet that demand.

[sdrealtor]

HUGE drop in inventory. Thats gotta support pricing and start pushing up sooner or later.

If you are wondering why drop in inventory is much more than rise in contingency/pendings this is why. Things are moving into cont/pend just as fast as they were and things are moving out (i.e. closing sale) also. Its the amount of new inventory that just is lagging.

I will re-check numbers later but they look real so far. A 10% drop in inventory in one week is no less than astonishing if the numbers are right.

[sdrealtor]

Just checked and they are a little lower now. For a check I ran a stat for how many went pending in the last week and it was 903!

Inventory just took a huge drop in the last week!

Flame on doomsayers!! We look to be heading full steam into a short squeeze

[sdrealtor]

Inventory stayed very stable. As much coming on as selling. Hopefully we can get some more inventory out here cause its pretty grim these for buyers.

[all]

[quote=sdrealtor]Inventory stayed very stable. As much coming on as selling. Hopefully we can get some more inventory out here cause its pretty grim these for buyers.[/quote]

Worse than grim in my submarket. I’m watching few subdivisions for move up opportunity – there is simply nothing for sale, at any price. The cash-only condo complex that was an alternative destination for my savings went from ~10 listings to 2 in 6 months. I decided to spend a couple of weeks in EU to quench my spending drive for now. Greece should be fun destination this summer.

[Author]

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