Inventory has begun to creep up throughout much of the metro area and is headed back to a balanced market from a sellers market. Prices for move in ready homes in the core of the city are holding value. The big wild card this Spring will be bank owned properties [REO] which usually sell at a discount. These bank owned homes are starting to appear more regularly in close-in areas.
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.