Even though the year is winding down, inventory has increased with eleven new homes coming on the market during the week of Thanksgiving, bringing the total homes available to 292. The most sought after segment of the market is also the largest area of the market. In the last two weeks of November the inventory of homes priced at $199,999 and below has grown to 64. The $200,000 - $249,999 segment still holds 46 homes with one being added and one sold in the last month.
Homes priced from $250,000 - $299,999 have dropped slightly in number from 55 at last report to 52 currently available, while homes in the next bracket ($300,000 - $349,999) have increased from 27 to 32. there are also 32 homes priced from $350,000 - $399,999, down from 34 at the end of October.
In looking at the upper segments, homes from $400,000 - $499,999 have increased by one to 29 with one selling and two coming on. In the $500,000 - $599,999 grouping the inventory has dropped by three to 17 available and the number of homes in the top price point of $600,000+ have dropped to 21 from last month's level of 25.
In general, we still have about seven months of inventory. There is a five month supply of homes priced under $199,999 and almost a four-and-a-half month supply of those priced from $200,000 - $249,999.
There is a six-point-seven month supply of $250,000 - $299,999 homes and almost nine months of inventory for homes listed from $300,000 - $349,999, after that inventory increases dramatically. There is close to an eighteen month supply of homes priced from $350,000 - $399,999 and a slightly better than thirteen month supply of $400,000 - $499,999 homes.
The biggest inventory, as far as absorption rate, is the $500,000 - $599,999 segment with about 26 months worth of supply. The top segment of $600,000+ would need slightly less than 16 months to be depleted.
So take a look at the market. Even at this time of year, you might be surprised at the bargains you'll find awaiting.
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