Since the Real Estate Market is often a matter of opinion in conversation, sometimes it's just a good idea to get a handle on the real picture. Below you'll find an Inventory Supply Chart. What the heck does that mean? Let's review.
The number of homes that sell, in a specific time period, compared to the number of homes available for sale, in that same time period, can help us understand the pace or speed of sales. When you look at the green bars below, the number on top of them reflects the time it would take to sell all of the unsold properties. You'll see that really high green bar for last October, that was a really slow month of closings. Then right next to that bar, we had more closings for the month of November.
This graph reflects the Real Estate Market Activity for the Shepherd, Worden, Huntley, Pompey's Pillar, or Area 10 in the MLS for the Billings Montana area. With some of the inventory rising, we may get some pretty good listings for ready buyers.