Question Details

Linda S. Cef…, Real Estate Pro in Franklin, WI

Is Anyone Noticing a Reduction in Inventory?

Asked by Linda S. Cefalu, Franklin, WI Sun Mar 17, 2013

I listed a property that went live at 9:00 p.m. on a Sunday evening and I had three messages by 8:00 a.m. on Monday. One agent asked if it was still available. When I explained that it was unlikely that it wouldn't be since it is a new listing, she told me that the homes within a certain price range in two municipalities were flying off the market. I did notice that when I listed it and I priced it accordingly. Received a full price offer within a few days of listing.

It's been a while since I experienced that.

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Across the board up to the higher price points, here in MT Linda. First time buyers, builders (buildable lots), and family move-ups to under the higher points (approx 450K here in SW MT) are all starving for inventory. Luxury/premier properties are trailing this trend as we see it. Cheers.
0 votes Thank Flag Link Mon Mar 18, 2013
Supplies are down across the nation. That's the reason that in many markets home priced under 250K get multiple offers within the first five days.

Best of Luck,

Maria Cipollone
http://www.Flahomespecialist.com
5 votes Thank Flag Link Mon Mar 18, 2013
In Charleston SC our inventory is down by approximately 25% from this time a year ago. Well priced properties are getting snapped up quickly and multiple offers are not uncommon. Depending on the neighborhood, if a buyer "sleeps on it" they most likely won't be sleeping in it.


Best regards,
Dan Simon, Realtor®
Carolina One Real Estate
Direct #843-303-1464
dsimon@carolinaone.com
http://www.CharlestonHomesForYou.com
0 votes Thank Flag Link Wed Mar 20, 2013
Yes. We have a few cities around here that are intensely competitive.

I did the same thing to another agent. I called her within 12 hours of the house going on MLS to ask if they were considering an offer and she seemed to think I was crazy, but we were under contract within 12 hours of that phone call and they had other agents trying to submit back-up offers.

That is in South Florida and I've heard Charlotte, NC has a total lack of inventory as well. Agents are emailing requesting info on any pocket listings or listings expected to come to market. It hasn't been easy to explain to buyers who still think it's a buyers market, and lowball offers aren't even being countered down here, just flat rejected and on to the next one.

We went to a house that had 16 showings in one afternoon and the majority of showings I do, I pull in behind an agent and when I'm leaving another agent is pulling in behind me.

I don't think that's a blanket situation though. I'm not seeing it everywhere, but in pockets throughout Palm Beach and Broward Counties it's definitely happening.
0 votes Thank Flag Link Wed Mar 20, 2013
Thank you all for responding. It is certainly very encouraging news.
0 votes Thank Flag Link Mon Mar 18, 2013
Hi Linda,

In the DC Metro area as well you are seeing a smaller inventory in DC and surrounding counties. Buyers are taking advantage of these great interest rates.
0 votes Thank Flag Link Mon Mar 18, 2013
How about multiple cash offers on a Bank Owned property within the hour here in South Florida? Cash only, no inspection contingency and all above asking price. How do they do it??
0 votes Thank Flag Link Mon Mar 18, 2013
We are down 50% from last year and sales are bout the same, so we continue to drop in inventory. Multiple offers are the norm. If it is priced on the comps it will sell quickly in the under $250K market. The higher priced homes are moving but at a slower pace.
0 votes Thank Flag Link Mon Mar 18, 2013
That is great news Keith.
0 votes Thank Flag Link Sun Mar 17, 2013
Yes, the same is happening in my market. I have had recent bidding wars on properties in the $600K range. This is insane. It is nice to see things coming back.
0 votes Thank Flag Link Sun Mar 17, 2013
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