Low Local Inventory Still
From previous data and charts, we can see that this market metric has steadily declined in the last few years. Four years ago we were moving towards a more balanced market. And analysts usually consider a 5.5 to 6 month supply as balanced. More recently the supply of homes has shifted towards a seller's market.
May's data shows a decrease in inventory of residential listings of 11.8% compared to May of last year. In some neighborhoods, the months supply of is under 2. But a good sign for inventory is that new listings added to inventory increased 3.5% compared to last year. This increase shows a good sign for the tight inventory in the area.
To see the listings available check out our home search on our website: www.MarkCardTeam.com.