Snowpocalypse Chills Inventory
The terrible weather has the metro inventory down 33% from November to December. Seller’s wisely decided to wait out the bad weather, but with fewer homes to choose from, prices should hold through the winter and are poised to jump again in 2017. Interest rates spiked up but remain historically low, which should keep the market busy, ultimately favoring 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 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 active listings and 6 months of sold data from the RMLS to create this report.