Essex County Housing Inventory at low levels

Low inventory has, rightly, been cited as a factor frustrating many would-be home buyers. But how low is inventory currently?

Here is the answer, comparing today’s supply with that a year ago, for Essex County, first for Single Family Homes (SFHs). To put these numbers into perspective, the total represents just over two months of sales based upon the last year. A market with six months of supply is generally regarded as one being in equilibrium between buyers and sellers.

Sales are, of course, lower in winter, but nevertheless these numbers suggest a severe shortage of homes for sale as we move towards spring.

Source: MLS, Oliver Reports

The position for condos is very similar, with the supply also representing just over two months of supply.

Source: MLS, Oliver Reports

The implications for home prices were covered in this article Why home prices will rise in 2015 I published yesterday.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.

@OliverReports