Inventory Continues to Drop

Inventory continues to move to even lower levels.  According to RMLS, pending sales are down 6% from the previous month but new listings are down 13% which is keeping inventory very tight.   

This localized home inventory report helps give context to the metro statistics that often make headlines.  Real estate is a local affair and this report shows which parts of town and which types of properties are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than 6 months favoring buyers. I use current active listings and 6 months of sold data from the RMLS to create this report.