Tag Archives: seller’s market

WHERE DID ALL THE HOUSES GO?

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Zillow & U.S. Census Bureau

Zillow & U.S. Census Bureau

There’s a house shortage, if you haven’t heard. Caravans of mournful buyers are circling Southern Maine waiting for a chance to dash into a newly listed house and make a rash offer above asking price. It’s like musical chairs but much less fun. Why aren’t there more houses for sale? Where did all the houses go?

2013-31-2D

Zillow & U.S. Census Bureau

They’re right where we left them, says this report from the Federal Reserve. But they’re only available to renters. They’ve entered the “rental inventory.”

When the housing bubble burst (thanx, banx) oodles of foreclosed homes flooded the market. Mannnnny of these bargains were bought by the only folks who could round up credit or cash: Investors. Now they’re in use, but not in circulation.

Check out the trend lines: The housing market dwindles; the rental market swells.

MAINE REAL ESTATE QUARTERLY STATISTICS

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Maine real estate monthly report.

LookinMaine real estate monthly report.

Lookin’ alive, Maine! The past quarter has seen a perkier market in all but one county. (‘Sup, Sagadahoc? I thought Bath Iron Works was on a hiring binge.)

The first three columns of that table address the number of houses sold this quarter versus the same quarter a year ago–it’s a measure of how easy (or hard) it is to get out from under a house you don’t want.

But the second three columns remind you that opportunity is not equal. These columns address any change in the average sale price, this quarter over the same quarter a year back. A big change in that average price can mean a couple things:

1: A big, expensive house sold, and its price is pushing the average around. Check the “volume” columns — a small volume of sales leaves the average price vulnerable to weirdo sales.

2: Sellers are SICK OF THIS AND GETTING OUT OF HERE EVEN IF WE TAKE A BATH ON THE PRICE! This  might explain Lincoln County, where the number of sales is up, but the price is way down.

When you look at the populous counties (York, Cumberland, Kennebec) you find smaller swings from quarter to quarter: A high “n” (number of data points) produces a more reliable signal of where people are going.