The Long Island section of NYT:
"The number of homes for sale on Long Island and in Queens in June was 22 percent higher this year compared with the same time last year, signaling, some say, that prices have been raised too high for many buyers.
The numbers come from the Multiple Listing Service of Long Island, a network of about 2,300 real estate offices in Long Island and Queens. The service also reports that median home sale prices are still rising in Nassau and Suffolk, but at a slower rate."
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Here’s the graphic evidence:
click for larger
graphic courtesy of NYT
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More on this later . . .
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Source:
Number of Unsold Houses Grows
VALERIE COTSALAS
August 7, 200
http://www.nytimes.com/2005/08/07/realestate/07lizo.html
conversely, the number of listings in the Seattle area is down substantially. Very limited land mass due to large amounts of water.
The real question is not raw inventory, but inventory/sales. The more telling quote to me was, “there were 762 more homes for sale in the Town of Huntington during the first six months of 2005 than during the same period last year, while the number of homes sold during that time declined by 184.”
It’s an even smaller data point that LI overall, but like days-on-market more telling than houses-on-market.
The inventory of homes increased as many are moving into apartments. I myself recently sold my home and moved to a houston apartment.