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Saturday, March 21st, 2009 at 10:08 AM

2009′s Spring Selling Season

Today’s article on cnbc.com has some decent quotes mixed in with some psycho-babble:

http://www.cnbc.com/id/29779920

While great for potential buyers, the added glut of housing could push prices even lower, further depressing the market. At the same time, it could actually jump-start housing by bringing more home-buyers into the market.

With stimulating the real estate market a principal goal of Washington policymakers, the temptation for buyers and sellers to jump into the market could be irresistible, especially if interest rates stay low.

“The first signs of life you see in home sales you’re going to see met with a lot more inventory,” says Michael Pento, chief economist with Delta Global Advisors. “The last thing you want to do as to add more inventory to an already-oversaturated market.“

 Agreed, if we see a flood of new listings, it’ll probably stymie any momentum that might be building.  How are we doing so far? 

Here are the new detached listings coming on the market, and number of detached closings, between March 1-15:

Year New listings under $600K Closed under $600K New over $600K Closed over $600K
2001
1,387
818
263
79
2002
1,214
1,030
307
176
2003
1,244
776
402
155
2004
952
775
691
314
2005
926
615
901
433
2006
1,108
466
1,118
418
2007
1,257
377
1,075
343
2008
1,404
334
662
145
2009
923
620
484
92

No big explosion of new listings in San Diego County, at least not yet. More evidence of what we’ve been seeing of closings; the lower-end is hot, higher-end is not.

Off-topic, but just heard from somebody who is at the gun show – they’re in a three-hour-wait line to buy ammunition!

Posted on Saturday, March 21st, 2009 at 10:08 AM in Spring Kick | 8 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 8 Responses

  1. Off-topic? I think not. There’s a direct line from the housing bubble and bust to the current climate of (legitimate) fear.

    W.C. Varones | March 21st, 2009 at 10:31 am

  2. There will be an increase of inventory when the banks get off their butt and put the backed up inventory of foreclosed homes on the market. There are people living in their homes for a year and have not paid their mortgage. The banks do not know what to do with them, it is better having someone live in the home than having it empty.

    m | March 21st, 2009 at 11:48 am

  3. Off-topic: Obama wont take your guns, but will make it difficult to get ammo.

    Chi-Guy | March 21st, 2009 at 11:52 am

  4. Off-topic: Ammo sales are crazy right now . . . you can’t even get .223/5.56 for a sane price. Try going to a gun store to get a new handgun . . . it’s almost impossible. Big5 is selling shotguns to housewives in record numbers. My gun hating mother just bought one . . . We live in interesting times.

    Rudolpho | March 21st, 2009 at 1:11 pm

  5. Great…we’ve just identified the next bubble: guns-n-ammo.

    Quick everyone, follow the lemmings! They’re not making any more guns! Oh wait, yes they are…

    The Good Life | March 21st, 2009 at 1:17 pm

  6. And the Department of Defense just came out with a new rule that spent .223 casings must now be shredded instead of being recycled by ammunition manufacturers. Think that is a good sign, Good Life?

    daniel | March 21st, 2009 at 5:00 pm

  7. I still haven’t finished shooting up all the ammo I bought during the Great Gun Panic of 1993-94.

    AK | March 21st, 2009 at 8:19 pm

  8. The gun grab is not just because of the fear of civil unrest, but also because Nobama has his new AWB lined up and ready to go. Get ‘em while you can.

    Stephen Waits | March 23rd, 2009 at 4:35 pm

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