Slow Sales Lead to Increased Inventory
January and February have been the two slowest months for home sales in the last two years. Rapid appreciation and increased home prices are both adding to extended times on the market for most homes, which leads to a slightly higher inventory. Typically, the most active months for sales are in the summer and I fully expect to see continued increases in inventory, which will favor the seller throughout the year.
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.