I was surprised to read the following headline yesterday:
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Seller’s Market Returning read more…
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The article focuses on a drop of NEW listings, making little mention of the total inventory. Inventory levels are climbing back up – granted, not as high as April-May-June, but that is offset by lower sales volumes now. In September there were almost 5 months of SFH inventory, and almost 6 months worth of condos
SFH inventory levels currently are on par with last year, however there are approx 400 more condos for sale compared to October 2007’s month-end. Pending sales are lower, and looking at 421 sales thus far in October, it will be a stretch to break 1000 SFH sales this month. (Oct 2007 had 1113 SFH sales)
Seller’s market returning? I don’t think we’ve even transitioned from a buyers market to a balanced market yet.
Last month there were more VACANT CONDOS (962) on the market, than TOTAL CONDOS for sale in:
- Jan 2007 (886)
- Feb 2007 (654)
- Mar 2007 (726)
- April 2007 (898)
Don’t just skim the headlines, and look beyond just the stats quoted in articles. It’s important to do this for all positive or negative real estate news reports.
