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It's been a little while since we've peeked in on the South Wales community and so I thought we'd take a look at what's happening there. Big picture numbers are interesting, but really, even at a county level they can be pretty meaningless.
When I originally pulled up the active listings for South Wales I got a pleasant surprise. The inventory volume is the lowest it's been in well over a year. There are currently 13 homes for sale.
The number of active listings here has been hovering around 18-20 pretty consistently for the past year. So 13 is definitely good news.
The next question is, what happened to the other listings?
Well, I'd like to tell you the reduction in inventory is due to all the sales happening in South Wales. But that is clearly not the case. In the last three and a half months only four homes have sold.
Interestingly, given the discussion on pricing in yesterday's blog, one sold for a net (after giving closing costs to buyers) of $365,000. Consider that the lowest sale price in there during the last quarter of 2005 was $530,000. That's a price drop of 31%! By any measure, that's substantial!
Six homes have been withdrawn from the market in the last few months and not relisted. If you add those six back in the total actives go right back to 19, about where they've stood all year.
So the real question is, have those sellers truly given up? Will they be back on the market in 2008?
The really good news for South Wales is that none of the current listings appear to be bank-owned or short sales.
There's always a silver lining!
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