Here’s what to know about inventory in our real estate market right now.
Every month we receive a statistic from our local MLS that shows us how much inventory we have. Months of inventory means how long it would take for all homes to sell if no new homes came onto the market. Generally, over six months of inventory is a buyer’s market, under three is a seller’s market, and in-between is a balanced real estate market. Currently, we’re in a hyper-seller’s market with extremely low inventory.
In December, we had 0.8 months of inventory, and that’s the lowest I’ve ever seen in my 17-year career in real estate. January and February each had one month of inventory. We frequently see less inventory from December through February, but these numbers are incredibly low. There are several reasons for this, including the pandemic, weather-related issues, and sellers who aren’t listing because they don’t know if they’d find a new house to buy.
We don’t have the March data yet, but from what we’re experiencing in the market, it’ll likely still be very low. While things look promising and we expect to see more inventory as we continue through spring, it’s crucial to sit down with your real estate professional and build a strategy to find the right property. We’re doing many things to find more inventory: We’re writing letters to sellers, working with services that know about listings before we do, and whatever else it takes to find available homes before they hit the market.
If you have any questions about inventory or real estate in general, call or visit my website to connect with me. I’m looking forward to speaking with you.