Market maintains strength going into Spring
Inventory remains balanced throughout much of the metro area and now favors sellers close in. Prices for move in ready homes in the core of the city should start seeing slight increases in sales price. The big wild card this Spring will be bank owned properties [REO] which sell at a discount but generally need work to compare to homes prepared for sale by individual home owners.
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.