You might be hearing that the market is turning around. Well, let's look at the numbers.
The supply and demand for single family homes in Stamford CT available for sale is trending. The number of homes available for sale in Stamford CT have decreased slightly since May, however the number of single family homes sold has remained basically the same (increase of 73 in June compared to 72 in May). In June 2013 the average number of days on the market was 99.
For the third consecutive month the amount of months supply of inventory has decreased. In June 2011, there were ten (10) months of inventory, which means during that month if no other homes were introduced to the market as the rate homes sold the previous month with would take ten months to sell the number of homes on the market. With that in mind, there were less that three (3) months of inventory on the market. Homes are selling faster as the inventory lowers.
As in the first lessons of economics regarding supply and demand, as the supply decreases, prices rise. In June 2011, the median price of a single family home sold for $522,500 in June 2013 the median price of single family homes in Stamford CT was $549,500.
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