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Rising Inventory - How much is too much?
invite response
2005 Sep 25, 12:23am 22,556 views 167 comments
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1995 is an artificially low starting point for any comparison. If you want to test today’s market against the bottom, I guess it works, but measuring the rise from the rock bottom will tell you nothing about the reasonableness of today’s prices. Another comparison is to test today’s prices against the last peak to see how the breaking point of 1989 compares to today.
Peter P
2005 Sep 27, 4:41am
Stanman, good summary.
Now it is a Socialist Democrat state.
Very true.
Tim,
no offence. I have quite a few close relatives in Oz. I love Oz, but, as compared to the Bay Area, here are why I would rather be here:
1) Oz has no big mountains, because your land is more ancient, most mountains are eroded down to nothing short of a flat pancake, with the exception of the Northern Queensland area, which is just as humid as Florida.
2) East Coast Oz has a relatively narrow band of weather zone, and hence flora and fauna.
3) Too many poisonous insects and snakes down under. You guys have 9 of the world's top 10 killer snakes, and even sharks in the river! Speaking of the beach scene, did you forget to mention the stingers that kill in a matter of seconds? We have colder and foggier sea, that I admit, but man, that stinger jellyfish scares the hell outta me.
4) The worst of all, the Oz tax system. CA is quite bad, but compared to Oz, we a quite a few notch better. Oz essentially wants to make sure nobody gets rich and everyone is as equal humans can ever be, speaking of a democratic socialist state!
Aside from that, I love Oz and I vacation down under almost every year.
Peter P
2005 Sep 27, 11:52am
Also, California is the only state with a grizzly bear on its flag.
Let the people leave, let the people come. We Californians don't need to worry about people who don't want to be a part of us. We only need to care about people who will stay to be a part of the solution.
Similarly, those who left California should never look back and move on with their happy life instead of questioning and looking for schaden freude. Life is short, enjoy whatever path you take.
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I live in Reston, Virginia, a short ride outside of Washington, D.C. On April 19th, 2005 I visited a FSBO townhouse with an asking price of $375,000, which sold in 2001 to the present owners (if they haven't sold it yet) for $115,000. This finally convinced me that prices were truly out of whack. On that day there were 82 units on the market in my town.
I've been watching inventory steadily rise, and the MLS currently lists 409 units, nearly 500% of what was offered for sale 5 months ago.
Now, I hear that, to one degree or another, increases in inventory and slowdowns in sales are typical after the Spring, and I didn't obsessively keep track of the market until this year.
How out of whack is this change? What's "normal"? I don't trust the months-of-inventory averages the realtors post because I notice houses being pulled from the MLS and relisted and I believe this counts as "two" listings where the first pulled listing is counted as "sold". So is this indicating that investors are dumping their stock on the market? What about in your towns, anyone noticing anything similar?
#housing