Who’s Moving? Apparently Not Many People in the Triad

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
Guilford 56 17 130 4620
Forsyth 39 22 111 3421
Davidson 8 11 34 1271
Randolph 10 8 34 748
Davie 0 0 14 407
Stokes 4 1 8 300
Surry 3 1 9 421
Yadkin 2 2 7 117
Alamance 7 1 7 378
Rockingham 9 3 13 548

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:

There are so many sources for buyers to use to find homes, with 80% plus buyers searching online, that is the preferred path.

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.

2 thoughts on “Who’s Moving? Apparently Not Many People in the Triad

  1. AMR

    To the point about how to look for a home, were my wife and I looking to move we would definitely be online A LOT — searching for listings, looking at pictures (especially those 360 degree pics that are so common these days), tax info, etc..
    However, I hope real estate firms continue to pay for and maintain the Sunday section. It’s those ads that plant the seed for those neighborhood drives on a Sunday afternoon and which lead us to ponder what it would be like to live in this condo downtown or that rural lot on 6 acres in Tobaccoville. It is interesting to see what is available where and for how much — it’s our last read each Sunday.

    Reply
  2. Jon Lowder

    When we moved here four years ago my wife basically lived on ListingBook. Since it was an out of town move we struggled a bit because we didn’t really know the neighborhoods, schools, etc. so she spent a lot of time cross referencing the addresses with the schools’ database so that we could at least whittle it down to general areas within certain school districts. Then we saw a bunch of “dogs” that looked good online but ended up being total crap. Once our realtor had made a few rounds with us she began to get a feel for what we liked and she was able to steer us away from some more “dogs” before we wasted too much time. We never once referenced the newspaper. Still, every Sunday I spend a few minutes poring over the real estate page myself just to see what’s out there. You’re right that it’s useful in that regard, but I fear it’s not enough to save the paper in the long run.

    Reply

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