Are Sellers Withdrawing? Written by: Just Listed Knoxville .com December 23, 2011 The Most Interesting Thing You May Not Know About the Housing Market — Amidst the continuous stream of housing data points and housing headlines, we think one has been overlooked: the inventory of existing homes for sale has been declining on a year to year basis.
Are Sellers Withdrawing? A decline in inventories is normal at this time of the year as real estate markets buckle down for the winter season. But the 17 percent plus drop in new single family listing from October to November 2011 suggests something else is going on.
According to data released by Just Listed Knoxville .com from the Knoxville MLS area new listings of for-sale single family homes, declined 6 percent as compared to November one year ago. Total listing of single family properties taken by real estate agents stands at 22,196 ending November 30, 2011. Off market single family properties ones that the listing has expired or the seller withdrew from the market failed to sale stand at 14,364 properties for the year ending Nov 30 201. Closed properties stand at 7,832 for the year ending November 30, 2011.
Just Listed Knoxville .com relies on listing data direct from MLS. One of the advantages of listing data is that it’s remarkably timely; when listings come and go is tracked virtually to the minute. Usually listings depart because there’s a contract or a closed sale, but these days’ departures also could be owners taking their properties off the market or simply not listing in the first place or to wait for better times.