Home Selling in 55313>Question Details

Anixious Sel…, Home Seller in 55313

Measured in months; what is the current supply of homes in the 55313 market?

Asked by Anixious Seller, 55313 Sun Jun 21, 2009

Help the community by answering this question:


In the Buffalo market alone, there is currently approx. 7 months of supply (97 homes sold from January thru May and 142 homes on the market).

Expanding this out to all of the 55313 zip code:
125 single family homes sold year-to-date
146 single family homes for sale
==> again, approx. 7 month supply of homes for sale.

Of perhaps more interest to you for Buffalo:
- listings sold are up 9% from last year at this time
- inventory of homes for sale is down 39%
- new listings are down 15%
- avg sale price is down 26% from 2008 which is attributable to what Aaron talked about below, that is the effect of the lender mediated and foreclosure sales.
See: http://www.mplsrealtor.com/downloads/the100/Buffalo.pdf
Web Reference: http://TheHoemTeam.com
1 vote Thank Flag Link Sun Jun 21, 2009
I don't have the answer in front of me but the reason for your question would make it easier to give a better answer. There are 2 markets right now, lender mediated (foreclosure and short sale) and traditional. You seem to be in the latter. These two markets have different trends and different amounts of supply. If you cleave it further, price points below $250,000 are acting differently than above $250,000.

Someone may have the data point you are looking for but my belief is that this data point is far too generalized to be of much use.
1 vote Thank Flag Link Sun Jun 21, 2009
If we examine absorption rates - that is the number of homes currently on the market and the number of months it would take to "absorb" those, our metro area is running at about 10.5 months. The number of homes coming on the market each week affects that as does the fact that some homes get taking out of the pool if there is a sale "pending." Many of these are in that nebulous bank-owned, foreclosure and distressed pool. So called absorption is also affected by listings that run out without selling, others that are cancelled by sellers who decide to wait. A detail analysis of your area should be provided by your agent. He or she can properly assess a pattern over your specific neighborhood, compare like and unlike homes and see if a certain type of home sells sooner, etc. You sit down with your agent and set up the parameters of the analysis and see what you find. If you want more help, please contact me. No cost, no obligations,
0 votes Thank Flag Link Mon Jun 22, 2009
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