I stumbled across the blog for realtors Brad and Angela Lawrence and they have a chart on there that's just plain depressing, but before I get into that let me give them a compliment for having the blog in the first place. I know I've taken some realtors and their association to task in the past, particularly for saying things that make them seem obtuse about current market realities, but that doesn't mean I have it in for all realtors. There are some I really respect and I think they play an important role in the housing market, so it's nice seeing Brad and Angela using blogs and email newsletters to augment their shoe leather sales.
Now, to the numbers. They have a chart showing the housing market activity for the Piedmont Triad for the week of 11/1/08 – 11/7/08. What struck me is that the percentage of listed homes that sold seems really low and more houses were newly listed than were sold, which means that the inventory of unsold homes actually grew. I don't know if the numbers were higher or lower than historical norms, but they just seem really, really low. Here they are by county:
The following numbers are the Pendings/Solds/New Listings/Actives for Week of 11/1/08 – 11/7/08
Source – Triad MLS
|County||Pendings||SOLDS||New Listings||All Actives|
If I'm doing my math right then there were actually 80% more homes newly listed (367) than were sold or pending sale (204). Also only 1.7% of all homes on the market were sold or pending sale. This really can't be good, especially if those kinds of numbers are consistent for months on end. Maybe someone out there with access to historic numbers can tell us if this is representative of the market over time.
On another post about where people look for home listings Brad and Angela say the following:
In our area (Piedmont Triad), the preferred online search tool is Listingbook.com,
it is a service that is fed from our MLS every 30 minutes. No doubt it
is best search tool, it is far superior than any other search tool that
we have experienced. It allows buyers to have their own personal
account, save favorites, make property notes, communicate back and
forth with their agent through property notes, very customized search
critera and FREE………here are more benefits of Listingbook.
We do not know of any buyers that look in the newspaper or magazines
anymore, if we get a call, they saw it online or a yard sign.
What I really like about this is that they take the time to provide information that may not lead directly to a sale, but it does show their expertise and understanding of the market. Good stuff.