Friday, October 12, 2007

Inventory Changes by Zip Code

Its a rather mixed bag this month in terms of inventory changes. Still seeing increases in some zips (ranked from high to low this month). So its not necessarily all downhill from here.


5 comments:

G Spot1 said...

Curious what the months inventory will look like because I think the Sept. sales numbers are going to plunge in most zips.

Giacomo said...

Although my rural zip's (95614 Cool) inventory numbers are fairly stable, I've seen several withdrawals balanced by new listings/relistings. Asking prices SLOWLY crumbling, while the few pending sales are going for lower prices/sq ft.

Saw my first overnight 6-figure price reduction today! (525K from 630K for a small house on 10 acres, zillow says 385K) Reality gets a foothold....

Gwynster said...

I had a 74K overnight reduction on REO in my area as well.

Sippn said...

giacomo - if zillow would show their cards - how they figure - it might be interesting but probably the least reliable estimator out there.

(on the way up they had some neighborhoods at over 100% appreciation annually - which of course was garbage)

Giacomo said...

I don't hold out zillow as a reliable estimator, just a point of interest. Whatever their formula is, it obviously has flaws. That said, I check it because I suppose it to be dispassionate (unlike financially vested sellers, agents, and appraisers).

In my database, I have a field which calculates a value for asking price as a percentage of "zestimate"; over this year, the (95614) average has dropped from about 115% to 108% (of zestimates). The average for a sold or pending sale is - YTD - about 105%.

Yes, it would be interesting to know what the formula is. I would guess that it has a "sticky" bias, and will tend to lag as prices fall.