Inventory is in a holding pattern due to new listings dropping at the same time buyers seasonally take a breather. The close in market norm is now 1.7 months which puts the market firmly in the hands of sellers. Buyer activity remains strong and this should keep inventories low into the winter with prices continuing to appreciate when typically they go down.
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.