The Full February Housing report has been published by HAR
You can read the full report (HERE).
The thing that stands out to me is the fact
that for all the changes we've seen in the market in the last 9 months, there is STILL less than a 3 month supply of inventory.
A stable market is considered to be 4-6 months of inventory.
Month's Supply of Inventory is calculated by taking the number of homes currently for sale divided into the last 12 months total closed sales. It's a moving target and it changes monthly, but it does give us an insight into the inventory level and the amount of options that buyers have when looking for a home.
0-3 Months Inventory - Seller's Market
4-6 Months Inventory - Stable Market
6-12 Months Inventory - Buyer's Market
So the interesting thing to see as the Spring and Summer selling season approach is will that inventory level grow? Will listings going under contract keep pace with all the new listings?
At this very moment, it's a good time to be a seller. In the last 30 days, We have helped 6 different clients get their homes under contract anywhere from 6 hours to 18 days on market.
If a property is well presented and priced correctly, days on market need not drag on very long.
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