declining inventory or urbandigs

Listings disappear from inventory two ways:
1) They are sold;
2) The are withdrawn (or expire unrenewed, which is basically the same thing).

Although new listings outnumber new contracts, inventory can still fall if other sellers take their apartments off the market. They may do this for tactical reasons or because they don't need to sell and aren't interested in selling at current market levels.

The phenomenon of falling inventory in a bear market is one reason to watch absorption rates in tandem with inventory trends.

i also noticed the rapidly declining inventory:

We found 9,898 listings with an address
Median price: $1,195,000 Median size: 1,142 ft² Median price per ft²: $1,111

now, i guess i wouldn't get too worked up one way or the other since its only fallen by about 150 units. my guess is that while sales have picked up a tad, it's primarily listings being taken off the market to "freshen up" before listing again in late march for the spring selling season.

though it could definitely be a glitch in the listing mechanism too. does anyone know how listings are put on streeteasy? does a broker have to list by putting it on the site or does streeteasy do a webcrawl and find listings itself? also, does anyone know why FSBO are not allowed on the site?

looks like a glitch. New listings down to almost 0?

http://urbandigs.com/charts3.html

NYC - I agree. Zero new listings seems like a glitch, especially around a holiday on a Monday.

not sure what it is. We will be enhancing charts in the next month or so. I just got busy with real estate work since mid Jan, and with blogging in spare time, dont have any free time yet to focus on enhancing charts.

plus, still drawing out life after my short career as a real estate agent and taking urbandigs where it needs to go

UD, you saying you aren't an agent anymore? What is the "real estate work"?

UD, you saying you aren't an agent anymore? What is the "real estate work"?

yeah, UD, that's pretty big news, you thinking of focusing on the website more?

Could it be more profitable in this climate to run a website on RE than to be an agent??? OR just more fun? ;)

"Median price: $1,195,000 Median size: 1,142 ft² Median price per ft²: $1,111"

I've been tracking Median price per sqft for the past year. For the most part it hovered around $1,155 - $1,165 psft. This is the first time I have seen a measurable decrease and at $1,111, 4% off list prices is interesting isn't it?

I figure while brokerage overall with be in the crapper, demand for the services of Noel the anti-broker would be in high demand...

hey guys - I'm still an agent with Halstead, and servicing 2 new listings and my buyer clients full time. Clients get first priority, then UD, then trading, and on down the chain. What I meant is, there are plans to do something with UD in near future, and I probably wont be taking any more sales listings after MARCH or so. Its almost time to take UrbanDigs to the next level!

I'm seeing a lot of apts being taken off the market and put up for rent because sellers are not happy not being able to get their price.

UD - sounds like a great idea on the website. you've already got a very strong following, might as well make it the real deal.

listings seems more like a website glitch at this point. inventory back up:

We found 9,972 listings with an address
Median price: $1,175,689 Median size: 1,135 ft² Median price per ft²: $1,108

11,000 here we come!

Special_K - We'll see! I hope so! Its very difficult to do what I really want to do, but time will tell if I can make the site better, rather than worse, with our plans!

PS: THANKS - trying my best!!

Definitely a glitch... inventory back up above 10k

We found 10,068 listings with an address
Median price: $1,175,689 Median size: 1,135 ft² Median price per ft²: $1,108