So I looked this morning at the amount of inventory in Monterey County knowing this time last year, we had 17 months of inventory (the amount of time to sell every listing at the current rate if no new listings came on board). Well, to my surprise, we were down to just three months! How is that possible? Well, we currently have just as many listings as we did a year ago which is just under 3000...with properties moving at a rate five times faster than a year ago, the amount of inventory is down to three months!
That being said, additional bank owned properties will continue to hit the market. With interest rates as low as they are and with government incentives for first time home buyers and home prices at 20 year lows, I predict the activity to contine to be very active!