Our local REALTOR Association reports:
Inventory is growing as home sales decline. All three property types and five of the eight price ranges that we track are showing year over year-over-year increases in homes for sale. The biggest area of growth is in the lowest price ranges, where an influx of new foreclosures and short sales and a decline in sales post-tax-credit has led to the growth.
Sales are declining in all price ranges except the high-end markets above $500,000, where sales have eked out small gains over the last 12 months.
Prices are softest in the condominium segment, where the Average Price Per Square Foot has dropped by 13.5 percent in the last year.
Though sales are down, this news is refreshing for the $500K and up price point, which has long been suffering in the home sales department. It's important to note that in West Savage, inventory is not rising because a higher than average number of homes are coming on the market. Rather, inventory is rising because the number of sales that normally reduce total inventory have slowed significantly.
We await the results of the foreclosure moratorium on our local market, and the metro market as a whole. For now, we'll take the good news for the upper bracket...
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