I've been watching the "Single Family Homes for Sale" numbers in the Sullivan MLS, as it's edged closer and closer to 1,300. Over the past few days, it's 1,297, then 1,294, then up to 1,299. But didn't push above 1,300. Today it did. Right now, there are 1,304 single family homes listed for sale in the Sullivan Multiple Listing System.
You can discount this as one of those arbitrary "mileatones" like the Dow 10,000 or the S&P 1,040. But what makes this significant is that it's the highest inventory on market in the Sullivan MLS since I've began tracking this metric in Jan. 2003. The previous inventory high was 1,292 single family homes listed for sale in the Sullivan MLS in August 2007.
Good morning Dave,
1,300 houses in Sullivan currently for sale on the MLS in Sullivan County?
Wow. Huge inventory. Huge.
On the flip Dave, notice how *few pendings* there are in the forward looking "pipeline" - especially since we are now in the season where buyers would like to theoritcally close: say July through October.
So, we've got:
Huge Inventory + Few deals =
tells me to look out below for more price depreciaton regardless of historic low mortgage rates.
It is, after all, a second home market for many in the Western region of the county.
Michael
Posted by: Michael Stanley | July 10, 2010 at 06:53 AM
Interesting that the previous high was when the boom was nearing its peak and now that record is broken in what one of your other posters, on another thread, says is the worst market in 25 years. The obvious suspects today: recession job losses; gas drilling fears. . . what else?
Posted by: ar | July 10, 2010 at 07:48 PM
Water rapidly leaving the Toronto Reservoir, again.
Posted by: rod | July 11, 2010 at 04:26 PM
why do buyers like to close july through october?
Posted by: questy | July 14, 2010 at 10:26 PM