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In our market, 23 miles east of Seattle, the number of homes for sale has decreased 40% from last year. Obviously that will reduce the number of homes sold. November 2015 with a median sale price of $740,000, up 7.2% from last year. Months of inventory is down to 0.6, compared to 1.2 months last year. It's still a seller's market despite the nasty weather.
Inventory is likely a key factor in fewer homes selling recently.
Last year, a number of homes sold in our neighborhood. Many homeowners had been waiting for the market to come back up before selling. Quite a few were older homeowners who wanted to downsize/move to retirement communities. Other were homeowners who had been renting out their home during the real estate downturn.
Homes are still selling within a week or so, but the number of real estate signs in our neighborhood seems to have gone down this year.
We have a white hot market here in my part of Northeast Florida, not much existing for sale because when they go up, they are gone.
New home sales are crazier than before the bust and rental rates are skyrocketing. Literally a for rent sign goes up and four days later it comes down.
During the boom apartments were converted to condos, now apartment construction is also booming.
I believe the rentals are seeing at least 10% increases a year.
Crazy, crazy, crazy.............it is like there were no lessons learned from 2008.
Those who bought at the extreme highs and did not walk away are finally getting a little breathing room.
We are also seeing contractors scrambling for trades people. Those I know who were having homes built to be in by Christmas are looking at the end of January.
Probably because there are no regular employers for those skills in the area, people wont stay in an area with only irregular gig type work unless they have to for some reason. If the really good hands start sensing that things are getting skinny they will jump ship well before the pink slips start circulating.
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Originally Posted by Rakin
Around here all the new homes being built that were started in the spring and scheduled to close in Nov & Dec have been delayed at least 2-3 months. There is a severe shortage of skilled labor.
What is the possible connection between housing sales and a bottom-dwelling ocean fish?
Housing sales may have foundered, but I doubt that they have...floundered.
I've got friends and family in a west coast metro, and it is booming. Friend listed his house in early December and had multiple all-cash, above-list offers in hand by the end of the first day, some willing to waive an inspection. Similar story on the new house they bought -- bidding war with lots of offers in just a couple of days.
Our area, prices up 12% this past year, and they really did not drop during the recession. Sales down, as very few going on the market here and they sell quick.
Feds just lifted the ban on foreign investment in real estate by sovereign funds - melt up as capital flees Europe. Short term gain - long term pain coming our way. Presidents working group on real estate suggesting reducing lot size in areas with large lot zoning, and making it easier to convert to multifamily housing. Wouldn't put it passed them to lay down some federal regulations regarding it. They are looking at real estate as a major source of tax revenue going forward, which is why one pundit thinks prices will eventually decline to 1960's levels with the increasing tax burden. A few years out but possible. Every area is different of course...
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