• Decrease in units coupled with the drop in marketing time shows our market is still tight
• As I’ve stated in the past, the decrease in marketing time for attached is probably skewed
• Market seems to be balancing?
I had the great thrill of attending mid-year legislative meetings for the National Association of REALTORS® last week. Nationally, there is a 5.5 million unit shortage of housing inventory which is the lowest it’s been in this century. So, “tight market” and “low inventory” are not just buzz words. That being said, as with weather there is no national forecast. What is happening in one market does not necessarily apply to another.
At face value, our inventory is balancing. For as long as I’ve practiced in this market we have typically had 4.5-5.5 months of detached inventory and slightly more, around 6-7 months, of attached inventory. We now have 3.7 and 4.7, respectively. But look at the difference between number of active vs. contingent homes. The last couple installments of this ongoing drama series, I’ve noted the difference in our months of inventory when removing the homes that are contingent. I cannot pull historic data on this, but anecdotally it is not typical that nearly 70% of all property listed is under contract. My educated estimate would be closer to 40-50%, and that may be high. We are all hoping for a loosening of the market and it’s possible the arrows are pointing that direction, but we won’t know for sure until it is hindsight.
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