Tuesday, May 05, 2009

Inventory

I've been really bad at both blogging and tracking inventory. Mea Culpa. Inventory is down everywhere I'm tracking and crossing through 2007... EVERYWHERE! The most dramatic drops, which I haven't been charting, have been in Palmdale and Lancaster California.

Palmdale has 1,094 homes on the market. Peak was at 3,281 on 9/17/2007 (per my snapshot).

Lancaster has 1,133 homes on the market per zip realty. Peak was 3,521 on 9/27/2007 (ten days after Palmdale).

Greater Palm Beach Florida is even below 100,000 (peak 132,636 on 2/28/2008)

Phoenix is at a mere 45,086. Remember when it was at 64,815 on 3/26/2008? On 5/4/2008 it was still 62,071.

Something seems odd though. Why is LA inventory down so much? Why is any inventory down so much when so many people are known to be doubling up. I speculate the foreclosure moretorium... But is that enough to explain it? I see two groups of buyers. Those confident of their job who are leaping at the chance to buy and those being more hesitant.


Ok, inventory graphs that speak basically for themselves. We're crossing through 2007 pretty much everywhere:







6 comments:

Chazu said...

Is that "DC" the city? Or "DC" the Case-Shiller region?

Thanks.

Westside Bubble said...

Inventory is still at record levels in Santa Monica and Pacific Palisades.

wannabuy said...

Chazu:
DC the zipreality region which is barely smaller than the Case-Shiller region.

Westside Bubble:
No doubt. It will spike again now that the moretorium is over.

Interesting 18 to 30 months ahead...

Got Popcorn?
Neil

Rob Dawg said...

Palmcaster inventory is down for several reasons.

Seller capitulation including the banks.
Market capitulation. Houses for sale aren't listed because it would be useless.
Market disfunction. So many entanglements that houses that should be on the market cannot be listed because nobody knows what's going on.

wannabuy said...

Rob Dawg:
I agree with you. The inventory has a ton of 'shadow' in Palmcaster. The market is disfunctional there. At ~$75/ftsq, everyone is shell shocked. But that is the market...

Got Popcorn?
Neil

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