The real estate market is going through an interesting change. As many of you know, homes are going under contract very quickly from the day of listing, sometimes we find the very next day. I find most people I talk to, the thought is the market is back and getting stronger every day. While that may be true, there are a couple of other considerations happening here.
As of today, approximately 26,800 homes are currently listed in the regional MLS database. At one point a few years ago, that number was at over 100,000 homes for sale. Typical average inventory, when all is normal, is 42,000 homes for sale. This number tells us that the housing market it isn’t necessarily gaining tremendous strength, it just means there are fewer houses for sale with the same amount of buyers in the marketplace. That could potentially be one of the reasons the market looks so “HOT”.
Look for my next blog when I discuss the other indicators that are currently affecting our housing market.