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Amount of listings vs. sales

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Travis McGee

Senior Member
Joined
Sep 18, 2004
The volume of sales here in South Florida have dropped- scarce comps under 6 months old especially i n markets of upper ranges of one million plus. Yet when I look at listings for sale in these same subdivisions, see 10 or 15, some with marketing times of 6 months, a year, or more.

Yet the deluded owners/realtors won't drop the prices. The only homes selling are those with price reductions or execptional properties. (very low end of market not affected yet)

I am writing "oversupply" on the front page of many reports now, reporting marketing times of 6-12 months.
Anyone else seeing this?

If listings were required on appraisals along with marketing times, would present a clearer picture.
 
Joined
Jan 16, 2002
Not yet, but we're on the way to same. Inventory and marketing time is
increasing, demand is down, deals are droping like flys, BUT Realtors continue boosting list prices by 20% with total disregard.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
What South Florida market are you in?

There is no oversupply in Miami-Dade for the average homebuyer mabye some overpriced listings. Are you talking about the luxury market. No comps is not due to no buyers.
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Jo Anne,

I came across an article some time ago that talked about the very phenomenon you are seeing. I think it was by an economist talking about how a housing bubble would unfold. Basically, he said that real estate prices were "sticky" and that in a downturn you will not see an immediate price drop as you would in a more liquid market like stocks. He talked about how sellers will resist dropping their prices, thinking things will improve shortly. And how the decline in prices will not be evident until it is well underway. In the end sellers that have to sell will end up getting far less than they hoped, while others will just stay put and not sell. If I can find the article I will post it.

PS. I am seeing the same thing in my market, although it is spotty. Mostly with higher priced existing homes. New homes in all price ranges still appear to be healthy and entry-mid level homes are doing OK.
 
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