More bottom news.
A consultant to home builders says the MLS inventory fell slightly from the end of September to the end of October — from 46,390 down to 46,228.
“It only went down a little, but it went down,” said Mike Chasse, senior home builder adviser with Scottsdale-based Land Advisors Organization. “I’ve been antsy for two weeks (for the MLS monthly update) because I was seeing signs the market was balancing out,” he said.
(These are not official MLS published numbers but many Realtors track such numbers.)
This is no news for readers of Arizona Real Estate Notebook.
Chasse believes a balanced home-sale market would be in the 33,000 listing range.
I disagree. I think “normal” will be 35,000 or more because sellers are more willing to sell now that the median price is $260,000 rather than when it was $170,000.
In another matter;
According RL Brown Housing Reports, in metro Phoenix, 2,281 permits were issued in September, a decrease of 733 permits from August.
Good.
2 responses so far ↓
1 Cbass // Nov 1, 2006 at 5:33 pm
Man your on a tear with the new post John, keep it up. I enjoy the linkies.
Also that whole graph thing with the chick over at Charles Schwab & Co. YIKES! Very scary stuff
I sure wish RE had a bit more liquidity to it so we could see this play out quicker but as they say “patience is a virtue.”
2 John L. Wake // Nov 1, 2006 at 7:08 pm
Yes, my in-laws were in town for 4 days so I had some catching up to do.
It’s an interesting time in the cycle. Are we approaching the bottom or are we just in a pause on the way down?
I also decided to watch California and Las Vegas more closely since they may foreshadow changes here.
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