Essex County Inventory – Relative and Absolute Levels

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While Inventory levels have increased significantly in the last year or so, it is useful to put current levels into the pre-COVID perspective.

Single Family Homes
SFH levels are 75% higher than they were in 2023 – but only half the level of 2019:

Condos
Condo levels have doubled in the last 3 months but are still well below levels of 2019:

Comment
From many points of view, the cheap post-COVID cheap money era lasted much too long (as I wrote repeatedly at the time). For Essex County, the ending of cheap mopney as far as real estate is concerned has only produced higher (normal) inventory levels, not the price reductions seen elsewhere in the country. But Essex County is not Florida: people weren’t heading to Essex County in their thousands.

(My economic commentaries at the time can be read here: Mortgage and Economic Commentary?