The supply problem is not completely obvious when we look at the active listing counts, but examining the new listing counts shows us the unusual lack of homes coming onto the market. Now that we have 2 full weeks of data for the new year we can accurately compare new listings for Jan 1 to Jan 14 for each of the last 13 years. Here are the surprising statistics:
- At 4,004 we have the lowest number of new listings in the last 13 years
- The previous record low was in 2005 with 4,649
- The previous record high was in 2006 with 7,527
- We have dropped 14% compared with 2012, which was also a low supply year
- We have dropped 31% compared with 2011
- We have dropped 68% in new short sale listings compared with 2012 - lowest number of new short sales since 2007
- We have dropped 55% in new REO listings compared with 2012
- We have increased 27% in new normal listings since 2012 - the highest number of new normal listings since 2008
- We have increased 33% in new HUD listings since 2012 - the second highest after 2010
Despite the increases in normal and HUD listings, the dramatic decline in REO and short sale listings means we are not building up much inventory ready for the peak buying season that will start next month. Cromford Daily Observation
MikeB Comment: The percentage drop in Scottsdale year-over-year is 16%; 9% in PV. Closed sales so far this year are up in both cities. Pendings up in PV, but down slightly in Scottsdale. How much of that is attributable to lack of supply, or cold weather? Who knows. But if there's is one take-away from this it would be thatpotential sellers will have less competition and theoretically drive a better price today than they have in years.
Also, good to be a strong listing company--not only because we have the 'Lyons' share of inventory, but buyers often come to us through our inventory. Call me today to list or with any questions.
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