About One Hundred new listings on MLS today for TV?
 

As I have said on here before my wife and I have been watching the real estate market in TV for our near-term purchase for retirement. This morning 6-8-24 listings increased from 536 to 635 over night. Interesting turn of events?

Not really. Well within the historical standard deviation of pre-owned listings. I would also expect that as the population of original owners age and pass, there would be more pre-owned homes for sale. Look at new homes---certain areas are sold out instantly.

An 18% jump in inventory in ONE DAY is "well within the historical standard deviation"?

This is not that simple the listings all show activity in the listing history over the last month like listing removed, pending, or sold. I keep track of the number of listings every day and yesterday 5-7-24 had the most in 2 years I have kept track at 536 and today it jumped to 635. Something weird...

Over the past year, inventory has been growing. It is a buyer's market. If you are not set on a particular home in a specific area, you will be able to purchase a home at a discount price. Hundreds of new builds are sitting in Moultrie Creek. By the end of summer, the developer will most likely have to reduce the price just like Lake Denham and Dabney.

Are you certain your last search did not include homes in the surrounding area and rentals? Sounds like a big jump in one day.
At this point, the exact number available does not matter. Homes are sitting in every Village with many forced to reduce the asking price. Some more than $50,000.

The total is within the historical range. And do the MLS listings tend to renew on the same day? But keep us posted to see if this a true trend.

I've also been watching and my initial guess is a glitch.

It has jumped. Many normally limited markets in Florida are surging in inventory. I would certainly wait and see how it plays out for a few days. The Fed leak that rates are remaining yesterday might be what’s going on? I know the FRED has A LOT of people concerned. The Las Vegas real estate market kind of emulates The Villages market and last weeks numbers show it is getting clobbered. We are perhaps edging into the big drop? Look for about 20% when all is said and done.

And what was it 6 years ago? 8? 10?

Unless it continues, nothing weird at all.

I thought so also until you look at the listing history and they all show changes in last month or so.

There are many on the market
 

If you lived here, you would note many many many homes are starting to sit. Rental signs from private companies are also everywhere. A valid correction would be at about early of summer 2021 prices.

You should see rentals going down in price soon. Villagers sometimes sell to “jump” to another place in the Villages. The home won’t always sell, so what happens, they rent. More rentals will effect that lower price point. Remember, most of those homes were bought at that cheaper window price point.

The developer lowers the pricing on any villages homes that don’t sell. 3 years ago when I bought there were discounted homes in 2 other villages. Chitty Chatty and Bradford. I chose to go with a different village and pay full price.

250 + homes were reduced in Lake Denham and Dabney. Nearly 100 are still available one year after completion. While those 100 homes are sitting at reduced prices, new builds in Moultrie Creek are starting to pile up. This is nothing like previous years. Inventory is much larger.

Facts to back that up????

Cherry Picking
 

Cherry picking has taken place in most new areas, it’s the kissing lanais nobody wants that are cluttering everything. IMHO, the builder has to really enforce his shadowing of properties as a firm policy. Markets change, so may the building out policy if the recession plays out. The premier idea might be too late and played out at the wrong time. Dabney looks stagnant. Remember, the socioeconomic retirement demographic has changed quite a bit because of inflation. It will reflect on retirement options for fixed income retirees. There are less “haves” and more “have nots” in the retirement age group.