Listing inventory, peaked a couple months ago, and has dropped by roughly 500 since then… The end of the year is never normal, and so the question is: do we get a flood of new listings in the spring? Do we get the traditional spring increase of normal buyers? Today the market is much closer to balanced than it has been in a decade, how these two factors change determine what will happen to prices next year. Foreclosures and short sales are all but disappearing from our market, and investor buying has dropped by half in the past year, so it is down to normal buyers and sellers to set the future trends in action.. An even more interesting trend is showing up on the for rent side..properties actively for rent have dropped steeply in just the past couple months. Typically, December is a tough month to rent a property, but this December, we dropped from 8400 active rentals to 7920. Rentals are cyclical, with more coming on in the early days of the month, as tenants typically move out on the last day of the month, and after a week or so to prep the house, it becomes listed. But this is an unprecedented monthly drop, and even more surprising to see it in December. I will update this trend as I re check the data in mid January.
robertoaribas on Continuing plunge in rental… John Wake on Continuing plunge in rental… robertoaribas on Continuing plunge in rental… John Wake on Continuing plunge in rental… John Wake on continued observation on Phoen…