I draw a few conclusions from this and other data that I have published recently in this blog:
1. There are less buyers for more expensive single family homes and relatively more for attached properties;
2. Many of the frustrated listings are ones that have been purchased since 2010 and had high original purchase prices. Those sellers can't bring themselves to realize a loss. Hence the stagnant listings, expireds and terminateds. They live off hope of a turnaround.
Tumultuous changes to real estate occurred last year and in the first days of June Active listings hovered near 27,000. It was a temporary! Active listings rocketed to an unprecedented 28,000 units by the end of the month.
This year June’s early Active Totals reveal a barely perceptible difference as the total active listing count hovers around 26,500 units. Uncertain is what the crystal ball will deliver in the weeks ahead. We anticipate that Active listings will continue to... climb to equally bloated totals in the latter part of June 2013.
Once sellers get it in their heads that their properties are only worth what buyers will pay regardless of what they paid for their properties, the ratio will start to descend further. I believe that time is coming although it will take time for the required volume of sales to diminish the outstanding inventory.
Click 'comments' below to contribute to this post.