A look at the real estate inventory, home for sale, (resale homes only) revealed a drop in inventory! Before anyone celebrates let's look at the facts of this information. Yes it is good that there are a few less homes on the market. Inventory fell from 15,600 to 15,400 in round numbers, a drop of 200. Condos fell from 9550 to 9050, or about 500 condo/villa/townhomes came off the market. Sales were below 2006 so they didn't come off because of sales. They came off because people left and gave up for the summer or the banks have taken over the sale and they are not relisted in the MLS. For the last few months we have noticed high numbers of expired listings.
The real deals are getting scooped up quickly as buyers are sitting watching, like duck hunters in camoflague. Pricing remains key to sales.
Getting back to inventory supply, if we look at year over year inventory levels you'll notice the same thing happened last year before we began increases in the fall. Historically sales have declined from May - Dec. If these patterns hold the true we will see more of the same for the immediate future. Expect another slight drop in supply before the fall and the time when seasonal sellers return.
Michael Polly, Vice President Denny Grimes and Company
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