Inventory Remains Low
With new listings decreasing steadily through the last part of 2011 and sales spiking in December, inventories of homes have dropped to levels not seen since 2006. This is creating a seller’s market and in many close in neighborhoods most new listings are getting multiple offers. Even suburban markets are returning to balanced levels.
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 property 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.