Oversupply...time to fly?
Growing inventory bears watching
Could the growing quantity of listings be the pin that pricks the real estate bubble?
A recent MarketWatch article cites the Naples market as having a very high ratio of listed properties to the total supply of housing. Currently, the number of existing home listings on Realtor.com for Naples stands at roughly 3,300 single-family homes and condominiums. With only 21,000 total housing units, approximately 15% of the total Naples housing market is for sale. For comparison sake, Phoenix has approximately the same number of listings on Realtor.com but has a total housing market approximately 25 times larger.
In Lee County the market is slowing for luxury homes priced over $1M. Typically, these homes are purchased by trade-up buyers or retirees looking to invest a large gain from a home sale up north. It will be interesting to see if this market picks up with the winter season fast approaching.
The new kids in the real-estate craze [MarketWatch] registration required
Could the growing quantity of listings be the pin that pricks the real estate bubble?A recent MarketWatch article cites the Naples market as having a very high ratio of listed properties to the total supply of housing. Currently, the number of existing home listings on Realtor.com for Naples stands at roughly 3,300 single-family homes and condominiums. With only 21,000 total housing units, approximately 15% of the total Naples housing market is for sale. For comparison sake, Phoenix has approximately the same number of listings on Realtor.com but has a total housing market approximately 25 times larger.
In Lee County the market is slowing for luxury homes priced over $1M. Typically, these homes are purchased by trade-up buyers or retirees looking to invest a large gain from a home sale up north. It will be interesting to see if this market picks up with the winter season fast approaching.
The new kids in the real-estate craze [MarketWatch] registration required
posted by Mark Washburn on 8/28/2005
1 Comments:
In San Diego after FIVE YEARS of super-heated market, a BIG down-turn has started!
Many are not aware, but from about 1990 to 1997 the average home in San Diego lost 20% of its value!
For the last few months the San Diego CA real estate market has taken a turn down. Homes for sale are DOUBLE what they were a year ago. Market times are almost double also.
Ask price reductions are becomming the norm. Sure, the self-serving insiders' say it's just a slow down or return to the norm.
But, with an average 20% appreciation for the last five years, plus the EZ qualification 100% adjustable mortgages, I believe we are in for at least a 40% drop.
If anyone want to view the current San Diego real estate activity here are a few top sites:
www.brokerforyou.com
www.downtown-san-diego-real-estate.com
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