There’s Abundance Of Supply That Has Hit The Market
A report from the Post and Courier on South Carolina. "Home sales plunged across the Charleston region in December. Residential transactions plummeted 17 percent last month with 1,287 homes changing hands. 'It wasn’t a bad year, considering 2017 was a record,' said Wil Riley, CEO of Charleston Trident Association of Realtors."
"The group said in its monthly report that 'evidence is mounting that inventory will finally improve in 2019. This may apply some downward pressure on prices for beleaguered home buyers.'"
From The Real Deal on New York. "A new report from Douglas Elliman found that annual sales of condos and co-ops saw the largest year over year decline since the financial crisis. It was the fourth sales decline in five years."
"The report also paints a picture of a market slowdown across the board in Manhattan in 2018. Elliman’s new report found that price trend indicators all declined year-over-year in 2018, as the legacy contracts inked when the market was booming finally closed."
"For co-ops and condos, these metrics were all down in 2018 over the prior year: average sale price ($1.97M; -3.6%), average price per square foot ($1,658; -6.6%), and number of sales (10,229; -14.2%), while inventory was up 11.8 percent from the same time last year."
From KFOR on Oklahoma. "It's a new year, and it looks like its a great time for Oklahoma home buyers. At this point, luxury homes are going for a bargain because there are simply too many on the market."
From Clark County Today. "Despite a recent downturn in the housing market overall, Clark County appears poised for continued growth according to MetroStudy of Seattle. Nationwide, and even in many places in the Portland Metro area, new home sales have been trending lower, year-over-year."
"'Quarter-over-quarter sales have continued to decline anywhere from four to 18 percent,' says Todd Britsch, regional director . 'That started back in, say the second quarter of ’16.'"
"'There’s a certain number of buyers that continue to come into the marketplace, and Portland now is on a steady flow,' he says. 'Now, we are starting to see job reduction within Portland metro. Clark County seems to be adding jobs while Multnomah and Clackamas (counties) are losing jobs, year over year, and they’re also losing some labor force.'"
"Britsch says Clark County currently has 3,800 new construction single-family lots in the pipeline, representing a two-year supply at the current pace of building. 'Ridgefield probably has the most right now of future and recorded lots. They’ve brought a tremendous amount of lots on in the last year,' says Britsch. 'Based on Ridgefield’s current absorption rate, there’s enough lots there to last until 2023.'"
"While Washington County has seen an influx of new developable lots, the median price for new construction there rose briefly to $600,000 last year before a slight correction. That may correct further as some of those homes begin to be built."
"'There’s abundance of supply that has hit the market within the last 6-7 months in regards to lot supply,' says Britsch. 'Consequently, what that’s going to end up doing, is there’s going to be downward pressure on lots, as far as pricing goes, which will keep homes in that affordable range.'"
From Roseville Today in California. "Real estate indicators are starting to shift in favor of home buyers as the housing market sets its sights on spring. Housing inventories are growing which gives buyers more choices. Increasing inventory is putting some pressure on home price growth as sellers now have more competition."
"For home sellers, lower prices may not sound ideal. But with interest rates down and slowing price, more prospective buyers should be encouraged to get off the sidelines, shop and make offers."