Housing Inventory continues to shrink

Single Family Homes (SFH)
After years of decline, the number of Single Family Homes (SFH) for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019. Since then the decline has resumed, as this table shows:

The next two charts (the first for January to June; the second July to December) show the number of SFHs for sale on the first of the month since 2017. In the first chart the numbers for 2020 YOY show the renewed decline (in 2019 inventory was increasing until June).

The second chart shows the decline YOY each month from July to December in 2019.

Condos
The number of condos for sale increased YOY from June 2018 until August 2019, but since then there has been a decline:

These two charts show numbers since 2017 for January to June, and July to December.

The first chart shows the decline in 2020 YOY, while in 2019 inventory was increasing in the first 6 months of the year.

The second chart shows inventory continuing to increase in 2019 YOY in July and August, steadying in September, and then resuming the decline in October.

Supply

Comment
As I pointed out in an earlier article, housing statistics are mostly a rear-view mirror, telling us what happened in the past. Thus, while mildly interesting to note a small increase in months of supply from March to April, these numbers are likely to change significantly going forward, as sellers delay listing their houses for sale and buyers extend closing dates – or put off the decision to buy.
I shall try to report actual statistics on current market activity as I find useful data.
In the meantime STAY INSIDE and STAY SAFE.

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Recession and Recovery

Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®

Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
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