Inventory Continues to Drop
Inventory of homes continues to drop in the close-in market, sending prices even higher. Multiple offers are happening frequently with so few properties for buyers to choose from. I’m expecting sales to pick up earlier than normal this year given the demand. Wait for home prices to grow in the double digits again in 2014 on the back of a 13% gain in average price in 2013.
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.