Low inventory levels is a defining characteristic of the current housing market. While it is not a universal condition, a low inventory of homes on the market seems to be prevalent in many desirable areas including right here in Central Ohio.
As you’ve probably heard the real estate market is thriving and in fact activity has sky rocketed! In fact inventory has contracted to its lowest level since December 1999, more than 13 years ago! With 1.74 million homes on the market, at the current sales pace, supply will be exhausted in just over four months. In a normal market, a healthy supply level is about six months.
Buyer traffic is continuing to pick up, while seller traffic (ie. new listings) is holding steady. In fact, buyer traffic is 40% above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve begun to transition... Click here to read the rest of What Buyers and Sellers Need to Know About the Current Housing Market
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