We all knew it was coming, but now it is official; at least for the Single Family Market: We are in a Buyer's Market!  I mentioned this previously, but we were never over 6 months of supply, we hovered just under that magical number, and hence, I rounded it upwards.   But it is different this time.

As I do the update on my website, I did some calculations today to get the absorption rate  and discovered that we have hit a milestone.  We now have more than 6 months (6.40 to be exact) worth of unsold inventory of Single Family Residences, and according to NAR's (National Association of Realtor) definition, we are now in a market place where the buyer's have and advantage over sellers due to inventory buildup.   

Mind you, as I always mention, real estate is a neighborhood specific business, so depending on where you live, your neighborhood  may be better or worse than the Santa Clara County as a whole. 

Steve Mun, Silicon Valley Realtor
http://www.stevemun.com/