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Boston Bloated with Unsold Homes

 
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Red401
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PostPosted: Mon Nov 19, 2007 2:52 pm GMT    Post subject: Boston Bloated with Unsold Homes Reply with quote

http://www.bloomberg.com/apps/news?pid=20601039&sid=as_1Syu9JPcA&refer=home
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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Mon Nov 19, 2007 4:22 pm GMT    Post subject: Reply with quote

Is this article to be believed?

This site:

http://www.housingtracker.net/askingprices/Massachusetts/Boston-Cambridge-Quincy/

Seems to show that inventory is down almost 9% vs. last year.

Still stranger, that article cites 42,000 homes for sale in Boston, but the housing tracker site indicates only about 15,000.

Finally, the articles merely cites a figure of 42,000 without comparing it to anything. How are we supposed to know whether this number is up, down, or the same? What constitutes "bloated"?
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admin
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Joined: 14 Jul 2005
Posts: 1816
Location: Greater Boston

PostPosted: Mon Nov 19, 2007 4:35 pm GMT    Post subject: Reply with quote

The article refers to ZipRealty as its data source, so I went there and checked it out. If you use their "Interactive Map" search feature and zoom to the level which roughly captures 495, it currently says there are 40,197 homes for sale in the area:

http://www.ziprealty.com/buy_a_home/search/form/map.jsp

The HousingTracker.net link also has this tidbit at the top (emphasis added):

Quote:

The Boston-Cambridge-Quincy Metropolitan Statistical Area approximation has 20,486 total listings of which 14,709 are either Single Family or Condo homes


My guess is that the article may be 1) looking at a bigger area than HousingTracker.net and 2) counting things which don't qualify as single family homes or condos (e.g., apartment buildings, parking spaces, lots).

Regardless, I agree that the number isn't very useful without some historical context.

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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Mon Nov 19, 2007 5:04 pm GMT    Post subject: Reply with quote

That makes a lot more sense. Housingtracker captures a much more limited area. They state:

"The Boston-Cambridge-Quincy Metropolitan Statistical Area approximation has 20,486 total listings of which 14,709 are either Single Family or Condo homes"

So I'd guess their capture areas is smaller. I don't know how far you'd want to go out to capture "Boston," but 495 is probably as reasonable a place as any.

Still, this guy has no evidence to back up his "bloated" claim, at least for Boston. We're not in the same league as Phoenix (up 22% yoy), Vegas (up 26% yoy), or LA (up 20% yoy).
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john p



Joined: 10 Mar 2006
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PostPosted: Mon Nov 19, 2007 6:13 pm GMT    Post subject: Reply with quote

When you hit the "view the homes" button towards the top, it links you to Realtor.com Do you think the catchment area is related to the listings on realtor.com?

What do you think is the best source to track inventories and sales in the different regions of Massachusetts? oh, one that you don't need a special membership to get...

thanks
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admin
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Joined: 14 Jul 2005
Posts: 1816
Location: Greater Boston

PostPosted: Mon Nov 19, 2007 9:11 pm GMT    Post subject: Reply with quote

john p wrote:
When you hit the "view the homes" button towards the top, it links you to Realtor.com Do you think the catchment area is related to the listings on realtor.com?

That would be my guess. Both Realtor.com and ZipRealty use the MLS, so there should be a good deal of overlap in the two.

john p wrote:

What do you think is the best source to track inventories and sales in the different regions of Massachusetts? oh, one that you don't need a special membership to get...

I don't know of any that I could recommend as "best." That's not to say there isn't a good one, just that I don't know enough to recommend one. It seems that those above are all based on the MLS, which would rule out FSBO's, but is probably as good as it is going to get.

This site tracks inventories by town, but not sales:

http://www.papereconomy.com/Inventory.aspx

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