Housing Inventory, Already Low, Dropped Further in January
The number of homes listed for sale, which stood at an 11-year low at the end of last year, fell even further in January, according to a report released Thursday.
There were just 1.48 million homes listed for sale at the end of January, down by 5.6% from December and by 16.5% from one year ago, according to data compiled by Realtor.com. That’s the lowest level since the firm began its count in 2007. The National Association of Realtors separately reported last month that inventory ended 2012 at an 11-year low.
Yet housing demand has picked up over the past 18 months, first as investors moved in to snatch up bargains on distressed properties, and later as demand from traditional buyers has picked up. Many investors have been buying homes that can be held as rental properties, which has kept them off the market.
In Greater Gwinnett we have a 4.3 month supply of inventory – in a health stable market we would have a 6 month supply and in a Buyer market it would be closer to 7 month supply. Low inventory is GREAT for Home Sellers but if the level drops to low we move into a stalled market which would result to lower home prices as buyer confidence drops off.
If your thinking of Selling TODAY is the Day to get on the market and sold – understand that closing average 60+ days post contract acceptances … or put it this way List Now and be Sold and Close just as school is ending ..