Seeing the supply side being diminished like this is a long awaited event. There's not even a concern how it's being accomplished either. Terminated and withdrawn listings are factored in along with expired and sold too. Weeding out over priced listings and homes in poor condition is a healthy thing for the market wherever you live. Realistically this does not mean you are going to start flipping again as easily as it was but know that there are some bargains here. I recommend a Buy & Hold strategy for the long haul of at least 5 years.
Please don't fret about the slight downturn on the Demand side. There's actually more strength than expected there due to our seasonality. The Supply side is continually charging up our strengthening market. The leaner we can make this the better, to a point. The 3rd quarter is usually our slowest time of year however in recent times the ebb and flow has not been as great. Our best asset has been long time visitors who have watched the market for years now seeing that the time has come to own property here. What was unattainable to many for so long is now within reach and in some instances seeing '02 pricing.
Months Supply of Inventory, sometimes referred to as MSI, compliments the Supply and Demand information well. We're still not into a balanced market but are swinging to that direction. Single digit MSI is good to see and I will predict that a near balance will happen this coming season by January or more likely February.
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