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Rising Inventory - How much is too much?
invite response
2005 Sep 25, 12:23am 22,399 views 167 comments
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166
Peter P
2005 Sep 27, 11:52am
Peter P
2005 Sep 27, 11:52am
Also, California is the only state with a grizzly bear on its flag.
167
OO
2005 Sep 30, 12:53pm
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