It’s Wednesday and time again for the weekly inventory update. It’s a historic event actually, the first time we’ve seen a real decline in the GSMLS Active Listings in quite some time. When I noticed this today, I decided to do a bit digging into the underlying activity behind the change this week, what I found was rather interesting, but first the numbers:
11/16 – 12833
11/23 – 12693
11/16 – 5801
11/23 – 5811
11/16 – 1764
11/23 – 1784
Now let’s explore what I found happened to the GSMLS numbers this week. At first glance someone might see the decline and proclaim “They are buying again!” Sorry, but that doesn’t seem to be the case, the active listings did decline, but it wasn’t because of sales.
Here is a breakdown of the weekly activity on GSMLS for Northern NJ (Ber, Ess, Hud, Mor, Pas, Som, Sus, Uni, War):
New Listings: 831
Back on Market: 130
Total Listings Added To Active: 960
Total Listings Sold: 670
At this point you are probably saying, “Grim, but you said we saw a decline, how can it be?” I asked myself the same question, and dug deeper yet.
Expired Listings: 194
Withdrawn Listings: 191
Temporarily Withdrawn: 92
Total Withdrawn or Expired: 477
Ah hah! Now it makes sense! We had a net loss of 186 listings, but it wasn’t due to sales picking up. Comparing a real demand (Sales) of 670 with a supply of 961 still shows us that inventory is being added at a rate faster than consumers are purchasing. So what about the withdrawn or expired listings? Well who knows really, but I have a feeling we’ll be seeing them back in the spring.