When are inventory/new listing rates at the peak? (housing, condo, percentage)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I assume many of you have noticed the trends in your local market and I am not sure if this is a local or national question, but what month (or even date) is typically the peak of inventory for homes for sale? Or at least, the greatest number of new listings (not necessarily static inventory)
I'm told that right around May 1 should be the highest point with the most new listings as buyers want to close in June/July.
In our market, there's a peak in April or May, and then another bump up in September. But it does vary from year to year, so be careful about doing too much planning based on specific expectations about the market this particular year.
You mean the peak inventory between "glut" and "superglut"? I expect to see a lot more homes come on the market from March through May (here in my part of AZ). Unless buyer activity becomes stronger, though, we're apt to see inventory continue to increase. There was a slight downward trend in inventory during November and December (as is typical), but that trend has been reversed. Right now we're seeing new listings vs "solds" at a 3:1 ratio.
Basically I just mean when is the best selection of good houses?
As first time buyers, we can jump into the market at any time (Raleigh/Durham, NC market)
But, we have to determine when the best chance to buy will be (we're picky and at a competitive price class) so that we can properly arrange our apartment lease, etc.
Our current lease is up in 2 months, too soon for us to have closed, but if we renew it has to be 6 month minimum, putting us in October/November, a bad time to be shopping? The other option is to pay the much higher month-to-month rent rate.
Oh, in that case, keep in mind that "lots of inventory" might not be the same as "lots of good houses to choose from". It could be that the spring listing boom happens, and all the good stuff gets sold relatively quickly so whatever's left at the peak is the stuff that's less desirable.
Also, read what Gretchen B has said closely. Our market in the Triangle isn't as bad as AZ in absolute terms but the pattern is similar. Think about what a rapidly increasing supply and decreasing demand will do to house prices in the future, and if you're OK with buying at the start of that pattern.
If you can find a deal, or to put it another way, a steal on a house you like now you'd be OK. But if not, I don't think it would hurt to be cautious and see how the supply/demand imbalance here is going to play out.
In SoCal the peak is generally in Summer - June/July. Previously we saw the homes sold before April were generally sold at a higher price as inventory was low, then prices stable through the summer and Aug through Fall we see the prices decline as buyers want to be settled before the next school year and holiday season's begin.
We have seen the inventory since Jan, go down and the buyers are out shopping. I had about 12 people come through open house this weekend.
In our market, there's a peak in April or May, and then another bump up in September. But it does vary from year to year, so be careful about doing too much planning based on specific expectations about the market this particular year.
We have this same dynamic in Salem, but who knows what things will look like this year. Inventories are already high, so many people may choose not to stay put, which would even things out.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I expect to see a lot more homes come on the market from March through May (here in my part of AZ). Unless buyer activity becomes stronger, though, we're apt to see inventory continue to increase. There was a slight downward trend in inventory during November and December (as is typical), but that trend has been reversed. Right now we're seeing new listings vs "solds" at a 3:1 ratio.
