If you look solely at the numbers, it looks like housing inventory is up. Not so.
Iâ€™ve been thinking for months that weâ€™d be seeing more housing inventory on the market by now. Itâ€™s not yet here.
Comparing the first 9 days of February of this year versus last – 116 new listings came on last 1-9 February versus 50 this 1-9 February.
For the MSA (Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Nelson) – 84 this 1-9 February and 210 last 1-9 February.
I’m confused. I know this: I have buyers who are looking for homes to to, and we canâ€™t find them. I get emails frequently from buyersâ€™ agents who are looking for homes for their buyers, and they canâ€™t find them.
If youâ€™re interested, hereâ€™s a bit more data:
Update 18 February 2014: this is not merely a Charlottesville – Albemarle MSA trend. Redfinâ€™s post today is outstanding.
Redfin agents say the downturn in demand is uneven. â€œThe picture-perfect homes are selling just as fast as last year, often drawing a dozen or more offers,â€ according to Redfin Washington, D.C. agent Philip Gvinter. â€œBut now the undesirable properties that would have sold in a few months last year arenâ€™t selling at all. The biggest change is in between, with the sort-of-desirable homes. Last year, these homes got multiple offers and sold quickly. Now, they are getting only one offer during the first week, sometimes having to reduce their price, and the home is taking three to six weeks to sell.â€