Saturday, July 08, 2006

Northeast and Western States on Unequal Footing

From Inman News:

Survey: Home-buyer, seller demand on equal footing

The U.S. housing market has reached a balance in buyer and seller demand, according to a survey released Thursday, with 41 percent of participating real estate agents saying they had more buyers and sellers, 40 percent saying they had more sellers than buyers and 19 percent reporting a 50-50 balance.

The most notable exceptions are in the Northeast, the Chicago metropolitan area and in the Western states, according to the survey from HouseHunt. Home buyers outnumber sellers by considerable margins in Chicago and the West, while sellers outnumber buyers in the Northeast.
Fifty-six percent of member agents said it is now taking, on average, more than 60 days from listing to contract to sell a house. This is up from 55 percent in the first quarter and 35 percent a year ago. Twenty-eight percent said it is taking more than 90 days to contract. Only 15 percent of existing homes are selling in 30 days or less.

Housing inventories are continuing to increase: 86 percent now report a good supply in virtually all price ranges. This is up from 81 percent in the first quarter and 38 percent a year ago.

Sixty-six percent of member agents reported that annual home-price appreciation is now 5 percent or less. This is down from 8-10 percent a year ago. Home-price appreciation of more than 10 percent is now 16 percent, on average.

The percentage of home sellers getting 95 percent or more of asking prices is currently 68 percent, compared with 90 percent a year ago. Three months ago it was 75 percent.


Anonymous Anonymous said...

Have you seen any inventory numbers for these markets where buyers outnumber sellers?

I have a hard time believing buyers outnumber sellers in the west when I hear inventory numbers from the major markets.


7/08/2006 05:58:00 AM  
Anonymous inseattle said...

I'm confused too Anon 6:58. Here in Seattle sales are off by at least 12% and inventory up by I can't remember what (16%?) from a year ago.

So are these buyers who are just not buying? Like maybe they are looking and looking and looking but never buying?!

7/08/2006 03:09:00 PM  
Anonymous Anonymous said...

Sellers outnumber Buyers in the Northeast????

You wouldn't know it from the attitudes (and arrogance) of most real estate agents here in the NNJ / NYC / LI region.

Everyone thinks the economy is booming , everyone makes $200,000 a year or more, and that the real estate market is as good or better than it was in 2004, 2005

7/08/2006 08:51:00 PM  
Anonymous seattle price drop said...

We've got the same crap here on the West coast.

Things have never been better! Economy's great! Inventory's up/sales down/45% price reduced but everything is great!

Phew, it's going to be interesting to see how this pans out over the next few months.

At some point in the future I'll know whether I'm totally brilliant or a total loser!

7/08/2006 11:36:00 PM  
Blogger Long Island Lost said...

Nope, not our here in Suffolk County. Agents behave as if buyers are tough to find.

A month ago we were at an open house and the agent flat out asked "what is this house worth to you." He was a smart guy; he realized that using last year's comps wasn't going to do it for his client. So he sucked it up and asked some buyers.

Agents are also working pretty hard to get us to work with them (even though we have an agent).

7/09/2006 07:30:00 AM  

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