Wednesday, February 08, 2017 / by Jason Bush
The amount of available residential housing inventory for sale continues to decline. As of 2/6 there was 1376 active listings of homes for sale in the county. That number represents a continues a downward trend of many weeks. The 1376 homes for sale represents approximately 3.5 months of inventory. Here is an example to better understand the calculation of months of inventory. In this example, if 200 homes are purchased in the county each month, and the current inventory is 2000 homes, that would represent 10 months of inventory. It would take 10 months to sell 2000 homes if 200 homes are purchased each month.
A sellers market exists when inventory levels fall below four (4) months of inventory. A buyers market exists when inventory levels are above 8 months. A stable market exists between 5-7 months of inventory. Since our inventory level is currently 3.5 months, we are definitely in a sellers market.
Activity in the last week (1/29-2/4).
Last week saw 124 new homes for sale, up from 105 the prior week.
75 homes were sold, up from 58 the week prior.
91 homes went under contract (to be sold at a later date), up from 85 the prior week.
The activity in the market is increasing, as listings, sales, and new contracts were all up. However the inventory continued to decrease as the amount of contracts and sales exceeded the amount of new listings.
What does this mean for you if you own a home? If you are thinking of selling your home...NOW! is the time to do it.
Our market shows that quality homes are selling quickly, as buyer demand is high for good homes.
We represent more buyers and sellers than any other team in the Triad...we would love the opportunity to help you navigate this market.
Please give us a call at 336.283.8689 or visit www.theginthergroup.com