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Friday, February 15, 2013

Real Estate Report: Inventory Still Low

By Judy Szablak

Inventory continues to remain at lower than average levels even for this time of year, and sales are currently at a good pace. But if the current levels don’t change soon, single family home sales may begin to suffer.

This home at 79 Clinton Ave. is listed at $1,499,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside.

Last year at this time, there was 286 homes available for sale. This week’s inventory is down almost 25 percent from 2012, with just 214 available single family homes, and the selection remains limited. As new inventory continues to enter the market, homes are quickly being absorbed by buyers, especially if priced correctly.

While inventory levels are down from 2012, sales have increased from this time last year. There have been 31 single family sales year-to-date, which represents an almost 10 percent increase over the same time period in 2012 with 28 closed units.

When a lower than normal inventory level is coupled with rising sales, it can be good news for sellers, but it can spell trouble for buyers. With little supply and demand high, prices rise, and there is a greater chance that multiple bidding situations will occur.

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02/15 02:56 PM Comments (0) • Permalink •