Overlook Neighborhood hits Zero Inventory
Zero inventory is often discussed as a theoretical event in which no one lists their homes and an area literally “runs out” of homes for sale. This month the Overlook neighborhood hit an actual zero inventory with no detached homes for sale currently. Despite more listings in the metro area in March inventories were still pushed lower by very active buyers.
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.