Chris asked how the current environment compares to the 2008 downturn.
In the summer of 2008, there were only 601 NSDCC sales between June 1st and August 31st, in spite of there being 1,348 listings that summer. For the next two years, the number of listings far exceeded the number of sales, and in the 2008-2010 period there were twice as many listings as sales. The 2010 ratio was the worst at 2.3 to 1.
This summer we only had 825 listings, and 504 sales, which is a 1.6 to 1 ratio!
The 2022 sales were 16% lower than the previous record in 2008, but there were 39% fewer listings!
We’ve never had so few listings to consider. Now that the Fed is making it so obvious that they intend to cause a recession, more potential sellers – who tend to casually read the headlines only – will delay their decision to move. Does anybody HAVE to move in 2023? Every potential seller will give it a second or third thought if they believe it will cost them several hundreds of thousands of dollars.
The NSDCC inventory next year will be the lowest ever – even Ray Charles can see that coming.