Metro Inventory Hits 4 Year Low
Inventory is balanced at 6 months,also its lowest point since July 2007. Although prices are down about 7% year over year we are seeing month over month increases. An increase in pending sales and a sharp drop in new listings are creating this new low in the metro inventory. A balanced market means that there is no specific advantage for buyers or sellers.
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.