Inventory of homes for sale on MLSLI...

Original post by Mrs. dleeny

Apr 11, 2006 09:21 AM

is over 31,000!

dgtlsunshine Posted: May 16, 2006 06:35 PM

Re: Inventory of homes for sale on MLSLI...

i guess b/c really equity means nothing unless you cash out

Its just crazy to see so many for sale signs.

Mrs. dleeny Posted: May 16, 2006 07:26 PM

Re: Inventory of homes for sale on MLSLI...

Posted by dgtlsunshine

i guess b/c really equity means nothing unless you cash out

Its just crazy to see so many for sale signs.

with interest rates going up and the housing market slowing down, people want to cash out on their equity now. that's the only reason I give it. because the inventory was no where near where it's at now - last year at this time.

riniko Posted: May 18, 2006 10:34 AM

Re: Inventory of homes for sale on MLSLI...

So where are all the people selling their homes going? Are they going down south as well?

SomethingBlu Posted: May 18, 2006 10:42 AM

Re: Inventory of homes for sale on MLSLI...

Posted by riniko

So where are all the people selling their homes going? Are they going down south as well?

That's a good question. My mortgage broker told me that 95% of all new loans he now processes are for NYers and NJersians. And this is a GA based company!! I can imagine the influx in Fl.

NY is expecting to lose a lot of residents.

Mrs. dleeny Posted: May 18, 2006 11:04 AM

Re: Inventory of homes for sale on MLSLI...

(Database Updated: May 18, 2006 at 3:01:16 am)
(Total Properties Available: 34,008 )

cjik Posted: May 18, 2006 12:14 PM

Re: Inventory of homes for sale on MLSLI...

Part of the reason there are so many houses on the market now may have something to do with people leaving the state and cashing out on their equity, but every broker I have spoken to has also said there are not nearly as many buyers out there as there were a year ago. People are probably waiting for prices to really drop, but my guess is that won't really happen in this area. They may drop, but not enough to make a huge dent.

Meaghan729 Posted: May 18, 2006 12:17 PM

Re: Inventory of homes for sale on MLSLI...

every house I have my eye on has been on the market for 4+ months and a few have dropped prices 5%.

Still no bites.

There arent as many buyers because people are priced out of the market, especially with mortgage rates creeping up.

I live rent free right now, so when it comes closer to my wedding FH and I will buy,, probably no matter what the market looks like - we will just buy what we can afford.

Mrs. dleeny Posted: May 18, 2006 01:52 PM

Re: Inventory of homes for sale on MLSLI...

a townhouse that DH and I bid on in Feb but then backed out b/c the seller was being an a-hole just dropped to our original asking price - he told us then to go scratch.

the townhouse is vacant and he's moved into another house. I hope he's had fun paying the mortgage, taxes and condo fees on an empty townhouse for the last 3 months

riniko Posted: May 18, 2006 02:09 PM

Re: Inventory of homes for sale on MLSLI...

Out of curiousity, I went and checked my google cache of MLSLI to see if the inventory was being cached. Sure enough it was. I compiled those numbers with some of the recent May 2006 numbers others on this thread have posted.

Here is the data:

3/11/2005 17475
3/22/2005 17882
3/31/2005 18122
4/26/2005 19216
5/2/2005 19210
5/11/2005 19863
6/20/2005 21588
6/28/2005 22020
8/8/2005 22837
8/10/2005 22996
8/16/2005 23139
8/18/2005 23257
8/26/2005 23385
9/7/2005 23385
9/12/2005 23718
9/28/2005 24960
11/3/2005 25865
11/28/2005 26829
12/12/2005 26557
1/11/2006 25221
1/18/2006 25872
3/7/2006 28554
3/8/2006 28685
3/10/2006 28907
3/14/2006 28907
3/15/2006 29377
3/21/2006 29750
3/30/2006 30592
4/20/2006 31702
4/21/2006 31805
4/25/2006 32137
4/28/2006 32542
5/4/2006 32741
5/9/2006 33248
5/13/2006 33594
5/14/2006 33697
5/16/2006 33739
5/18/2006 34008

I took the liberty of graphing the data

3436975_1.jpg

Meaghan729 Posted: May 18, 2006 02:22 PM

Re: Inventory of homes for sale on MLSLI...

lol a girl who loves charts as much as I do!
Great job!

eta; I was looking at an appraisal for work today and it said in 2003 MLS sold 16,000 homes, the most it ever had...

SomethingBlu Posted: May 18, 2006 02:28 PM

Re: Inventory of homes for sale on MLSLI...

Could a buyer's market be in the works?

good luck to all waiting!!

riniko Posted: May 18, 2006 02:35 PM

Re: Inventory of homes for sale on MLSLI...

Posted by Meaghan729

lol a girl who loves charts as much as I do!
Great job!

eta; I was looking at an appraisal for work today and it said in 2003 MLS sold 16,000 homes, the most it ever had...

If 16,000 homes were sold in 2003, and assuming the same number of homes will be sold... less than 50% of the homes on the market now will be sold. But it should be even less since interest rates and home prices have both increased since 2003.

Beth1210 Posted: May 18, 2006 02:37 PM

Re: Inventory of homes for sale on MLSLI...

Posted by Meaghan729
.

because they probably paid $200K less for the property 5 years ago and want to cash out that crazy increase in equity!

but unless you are retiring or moving some where cheaper- that really doesn't matter- b/c you have to live ( and work) some where

Mrs. dleeny Posted: May 18, 2006 02:41 PM

Re: Inventory of homes for sale on MLSLI...

Go Riniko!

WOW!!!!!!!! there are almost twice as many homes for sales now than there were last May!!!

Meaghan729 Posted: May 18, 2006 03:12 PM

Re: Inventory of homes for sale on MLSLI...

Posted by Beth1210

Posted by Meaghan729
.

because they probably paid $200K less for the property 5 years ago and want to cash out that crazy increase in equity!

but unless you are retiring or moving some where cheaper- that really doesn't matter- b/c you have to live ( and work) some where

or they are buying a larger house without their payment going up as much, or having to actually save that down payment (in my FSIL's case)

she paid $260 for her house in levittown in October 2003, and it just closed on the sale last week for $380 and bought a new house out east (much much bigger) for $450. Yes her mortgage is going to go up, but she used the $120 of her increased equity as her down payment that she wouldnt be able to save in two and a half years!

Beth1210 Posted: May 18, 2006 04:02 PM

Re: Inventory of homes for sale on MLSLI...

Meghan- that makes the most sense

you have a knack for this

Meaghan729 Posted: May 18, 2006 04:20 PM

Re: Inventory of homes for sale on MLSLI...

thanks :)

but you are right, people are selling and moving out of state.

Most of my friends who are moving out of state are first time homebuyers - since there is no such thing as a starter home here anymore!!

Beth1210 Posted: May 18, 2006 04:25 PM

Re: Inventory of homes for sale on MLSLI...

most people I know who are selling are retired

I wonder what % is bigger- upgrades or retiring?

SomethingBlu Posted: May 18, 2006 04:40 PM

Re: Inventory of homes for sale on MLSLI...

Posted by Beth1210

most people I know who are selling are retired

I wonder what % is bigger- upgrades or retiring?

Or first timers!!

Mrs. dleeny Posted: May 18, 2006 06:53 PM

Re: Inventory of homes for sale on MLSLI...

Posted by Meaghan729

thanks :)

but you are right, people are selling and moving out of state.

Most of my friends who are moving out of state are first time homebuyers - since there is no such thing as a starter home here anymore!!

I can totally see that being true. and statistics will prove you are right. NY has lost more people in the last few years between the ages of 28-34 than any other state in the country!