Metrowide Housing Supply Outlook

Data compiled from our local REALTOR Association...

 

The months supply of inventory for homes under $120,000 has dropped 61.5 percent in the last twelve months from 9.3 to 3.6—the lowest mark for that price range since 2005. Sales have almost quadrupled in that category in the last year while inventory of available homes has basically held flat. In sum, it is now officially a seller's market in that price range.

The upper price brackets look markedly different, however. North of $190,000 sales are still in decline compared to a year ago. And north of $500,000 the months supply of inventory available continues to grow.

Condominiums remain the only property type that has still seen a year-over-year drop in home sales, down 8.2 percent over the last twelve months. Sales of single-family detached properties are up 20.2 percent and townhomes are up 4.9 percent.

While July's numbers are still pending, June’s pending sales were the highest June showing since 2005 and the 12th consecutive month of year-over-year increases. With low mortgage rates and the $8,000 federal tax credit for first-time home buyers, the recent jump in sales has spilled over into the traditional market a bit.

The number of properties for sale at the end of June was 26,204, down 21.9 percent from this time last year.  There are 7.3 months of supply available, down significantly from the mark of 10.6 seen at this time last year and trending back down towards a balanced market of 5- to 6-months of supply.

The numbers for Savage are consistent with these findings.