Suburban Inventory on the Rise
The suburbs saw a 20% increase in inventory but the totals are still very much in the seller’s favor. Inventory of homes is still hovering around one month for the close-in market, sending prices even higher. Watch 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.