Too much inventory! Way too much inventory! We have an 18 month supply of properties for sale in Newport County! Great time to buy!!
This 18 month supply should start to reduce as we go throught the summer. Usually, supply increases slow down in the summer months and demand is stronger, so we may get down to around 14 months of supply - which is still wayyy tooo much!!
There are 67 lots for sale in Portsmouth. 67. Only 11 sold in the past 12 months. Here's how it looks:
| Portsmouth | ||||||
| Active | Sold | Average Sales Per Month | Months of Inventory | Percent of Supply | Percent Sold | |
| Single Family | 222 | 162 | 13.5 | 16 | 27% | 26% |
| Multi Family | 8 | 6 | 0.5 | 16 | 8% | 13% |
| Condo | 64 | 30 | 2.5 | 26 | 21% | 17% |
| Land | 67 | 11 | 0.9 | 73 | 40% | 28% |
We need supply to diminish and demand to increase. Rising interest rates sometimes will stimulate demand. Will that happen in this cycle?
What do you think?
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