The inventory hasn't gone up since this same time last year. We now have 523 homes on the market in MLS compared to 524 last year. But what has changed dramatically is the sales rate. This year we have have 108 sales in the last 3 months up to Feb 15. Last year during the same period we had 173 sales. That is a drop of over 37%.
On top of that we will likely be having more homes on the market as a result of the recent IBM layoffs that are estimated to be around 300. On the up side we have the new $8000 tax credit for first time homebuyers. That should certainly stimulate the market from the bottom up.
Condo inventory looks to be in similar shape with 267 on the market and 53 sold in the last 3 months. That compares to 124 last year at the same time. A drop of 71%. I guess you could say it is a buyer's market. With a free $8000 credit what could be better!
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