The shortage of available homes for sale has become a major trend in advance of the busy spring home shopping season. New research from Zillow indicates that while this inventory crunch is very real, it also could be beginning to ease somewhat.
The overall number of homes listed for sale nationwide on Zillow was down 16.6 percent year-over-year in late February. Zillow looked at all homes available for sale on Zillow on Feb. 24, 2013, and compared it to the number of homes available on Feb. 24, 2012. The analysis covers homes nationally and in the 99 largest metro areas covered by Zillow, and across bottom, middle and top price tiers.
Nationwide, the greatest year-over-year decreases in inventory were among more expensive homes, with the availability of top-tier properties falling 20.5 percent year-over-year. That was followed by middle-tier homes (-17.2 percent year-over-year) and bottom-tier homes (-9.1 percent year-over-year). Only five metro areas showed more homes for sale overall last month than in February 2012: El Paso, TX (+18.5 percent); Albuquerque, NM (+8.1 percent); Little Rock, AR (+7.7 percent); Fort Myers, FL (+1.5 percent); and Youngstown, OH (+0.2 percent).
“The supply of for-sale listings continues to dry up, driven in part by potential sellers trapped in negative equity and homeowners who won’t sell out of fear they won’t be able to find a suitable home to buy later,” said Zillow Chief Economist Dr. Stan Humphries. “But the impact of constrained inventory will create the solution to the problem. Over the past year, inventory tightness has contributed to increases in home values in many markets. As home values rise, some homeowners will be freed from negative equity and able to list their homes, which will contribute to an easing of the inventory crunch. While this inventory is coming, it may still be a frustrating spring for buyers vying for what inventory is available. It’s important to be patient and not commit to paying beyond one’s comfort level in the heat of negotiations.”
Large California metros experienced the biggest decrease in homes for sale over the past year. Among the 30 largest metros covered by Zillow, four of the top five in inventory contraction are located in California: Sacramento (-48 percent); Los Angeles (-45.7 percent); San Francisco (-40.9 percent); and San Diego (-39.4 percent). Minneapolis-St. Paul (-36.7 percent) rounded out the top five.
But while the overall number of homes listed for sale in February was down significantly year-over-year almost across the board, the national drop was actually less severe than in January. In January, the number of for-sale listings was down 17.5 percent year-over-year, which could indicate an easing of the inventory crunch. Almost two-thirds (63) of the areas surveyed showed a smaller year-over-year decline in for-sale homes in February than in January.
As for-sale inventory shrinks, many potential buyers are turning to alternate means of finding their dream home. Over the past year, as the inventory crunch worsened, Zillow has observed a 132 percent increase in contacts to Make Me Move listings. Make Me Move is a tool current homeowners can use to tell others the price they may be willing to sell their home for, without actually putting it on the market — a “dream price” one might accept if it were offered. These listings have become one of the fastest growing listing types on Zillow, which include homes for rent, foreclosed homes, pre-foreclosure homes and homes for sale by owners or agents.
More information on our latest inventory research can be found on the Zillow Research Blog.
Year-over-year % Change In Homes For Sale Listed On Zillow, Feb. 24, 2013 vs. Feb. 24, 2012 Metro Area Bottom-Tier Homes Middle-Tier Homes Top-Tier Homes All Homes UNITED STATES -9.1% -17.2% -20.5% -16.6% New York -13.3% -23.2% -19.3% -18.9% Los Angeles -56.8% -42.4% -38.2% -45.7% Chicago -11.5% -15.2% -19.8% -16.2% Dallas-Fort Worth -9.8% -20.6% -24.6% -20.7% Philadelphia -8.2% -18.3% -25.2% -18.1% Houston -16.6% -26.5% -25.5% -23.7% Washington, DC -26.0% -21.4% -22.7% -23.3% Miami-Fort Lauderdale 18.1% 3.5% -20.9% -6.9% Atlanta -44.3% -33.9% -23.2% -32.1% Boston -19.1% -28.2% -24.4% -24.2% San Francisco -51.0% -40.0% -34.9% -40.9% Detroit -18.3% -23.0% -24.4% -21.9% Riverside, CA -38.2% -43.7% -29.6% -36.2% Phoenix -42.2% -22.5% -20.7% -26.4% Seattle -31.7% -13.2% -19.5% -21.2% Minneapolis-St Paul -44.6% -31.2% -34.7% -36.7% San Diego -43.0% -43.8% -32.1% -39.4% Tampa, FL -15.0% -21.6% -22.1% -20.1% St. Louis -7.0% -10.4% -19.9% -13.2% Baltimore -16.4% -18.1% -16.3% -16.9% Denver -27.0% -30.7% -35.6% -32.1% Pittsburgh -2.5% -5.4% -4.0% -4.0% Portland, OR -24.5% -15.1% -21.7% -20.5% Sacramento, CA -61.5% -53.2% -33.4% -48.0% Orlando, FL -28.6% -35.6% -21.5% -27.1% Cincinnati 6.2% 0.9% -7.0% -0.5% San Antonio -16.1% -21.3% -18.7% -18.7% Cleveland -4.6% -7.4% -18.0% -10.5% Kansas City -23.0% -32.4% -37.9% -32.4% Las Vegas -30.3% -34.2% -31.2% -32.1%
The North Castle Recreation 2013 Spring Summer Brochure is now on the Town’s website. You can view and print your own copy here. The tri-fold pamphlet which simply lists the programs in spring and summer has been mailed to all Town residents. For a peak at the tri-fold click here.Mail-in registration for all spring and summer programs, including Town day camps, begins Monday, March 11. Walk-in registration begins Monday, March 18. Do not delay in registering as programs can get filled or cancelled. Please call us if you have any questions, 273-3325.
Egg Hunt EggstravaganzaBoys and girls, Pre-K through Grade 5, can participate in this fun and exciting springtime classic event. Wear boots and bring a bag to collect your goodies! Parents, please note that some toys are not recommended for children under 3 years old.Date: Saturday, March 16 (rain date 3/23)Times:10:30 AM sharp at Community Park, track field,205 Business Park Drive in Armonk.12:30 PM sharp at NC Community Center fields,10 Clove Road in North White Plains.
New Spring Programs!We are pleased to offer some new programs this spring for youth and adults. In partnership with US Sports Institute, we have several options for pre-schoolers including “Parent and Me Total Sport Squirts” and “Parent and Me Soccer Squirts” for 2 and 3 year olds plus “Total Sport Squirts” and “Total Soccer Squirts” for ages 3, 4, and 5. For a program flyer of offerings in North White Plains click here, and for a program flyer of Armonk area offerings click here. Registration begins March 11 and March 18, as noted above.
To Reach UsIf the North Castle Recreation staff can be of any assistance to you, please call us at 273-3325 or visit us at Hergenhan Recreation Center. In general, Recreation Office hours are weekdays 8:30 AM to 4:30 PM. We can also be reached by e-mail at recreation@NorthCastleNY.com.
In This Issue Eggstravaganza New Spring Programs
The latest addition to the Mount Kisco dining scene: The Rose Room, an upscale Italian restaurant with plush fabric on the walls, a waist-high gas fireplace and a groovy purple-and-white color scheme.
The restaurant is owned by Michael Lubic, who also owns Traditions 118 Restaurant in Granite Springs with his mother, Lisa Lubic, and it’s named after his maternal grandmother, Rose. Just down the street is Eduardo’s, an Italian restaurant on South Moger Avenue that’s also in the family and is named after Lubic’s maternal grandfather.
On the menu are twists on familiar Italian-American classics, like Calamari “118” Style, named after the special preparation served at Traditions 118.