A Redfin report found that nationwide new listings of high-end homes was outnumbered by delistings. New supply of affordable homes dwindled as well, but by less. (Credit: iStock)The high-end residential market has shriveled more than any other during the coronavirus pandemic.In the five weeks beginning March 15, more $1 million-and-up homes were pulled off the market than were listed, according to an analysis of listing activity from online real estate brokerage Redfin.It was a dramatic difference from the same period last year, when new listings of homes with seven-figure price tags made up 28 percent of the high-end market, after delistings of unsold homes were subtracted. The flood of delistings this spring drove that figure into negative territory.Taylor Marr, Redfin’s lead economist, said this drop in supply is likely attributable to tighter credit for big home loans and tempestuous economic and market conditions.(Click to enlarge)As a result, metro areas with expensive homes experienced the most severe declines in the percentage of home listings that were new. San Francisco and San Jose — think Silicon Valley — and Boston, which also has a bustling tech sector, each saw new supply drop by at least 50 percentage points from the same five weeks last year. Only two of the 50 largest metros had increases in new listings’ share of the market: Salt Lake City and Phoenix.Supply shortfalls haven’t exclusively affected the high-end market, though. The supply of homes listed for $250,000 and below, minus unsold homes delisted, were 34 percent of total inventory this year, down from 59 percent last year. This shortfall exacerbates an existing nationwide shortage of affordable homes.In California, many residential brokers anticipated deferred lease payments, price cuts and delistings after Gov. Gavin Newsom issued a statewide stay-at-home order in March to curb the spread of the coronavirus — a policy soon adopted by much of the rest of the country. In some cities, mayors have allowed brokers to resume in-person viewings after a month of video tours and virtual showings. This content is for subscribers only.Subscribe Now
Sgt. Langham: “On April 25th at approximately 4:30 in the morning, Kenai Police and Fire Departments responded to the report of a fire at the end of Evergreen Street. While investigating the fire, officers observed a vehicle to be stuck in the mud near the scene. The vehicle was later determined to be stolen. Based upon the stolen vehicle investigation, Dakota Streiff and Linda Byrd were arrested and charged with vehicle theft in the first degree.” Langham clarified that the car was not what had been on fire, it was just nearby. FacebookTwitterEmailPrintFriendly分享Just over a week ago, two 19-year-olds were arrested for vehicle theft after Kenai Police noticed an abandoned vehicle while helping the Fire Department on a fire. Kenai Sergeant Ben Langham… The two were arrested on May 14th and in addition to the vehicle theft charges, Byrd was also charged with criminal trespass to the first degree and theft to the fourth degree, while Streiff was additionally charged with criminal trespass to the first degree. Both were transported to Wildwood Pretrial Facility. He says there was minor damage to the vehicle but Kenai Police were able to return it to its owner.