Housing Inventory continues to decline

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The number of Single Family Homes (SFH) for sale at the beginning of December in both Essex County and Massachusetts has fallen by nearly a quarter over the last two years, with most of that decline coming in the last year, as shown in the charts below:

Housing Inventory

Housing Inventory

Source: MLS, Oliver Reports

Town by town guide
Of the 34 cities and towns in Essex County, just 7 show a year on year increase in inventory, with 4 of those being of only 1 or 2 units, while some of the declines are significant. The table below shows the inventory at the beginning of December for the last three years, and the change from 2015 to 2016, and from 2014 to 2016:
Housing InventoryHousing Inventory

Inventory by price
Inventory is down in almost all price ranges, with not surprisingly the biggest declines being seen at the lower price levels:

Housing Inventory

Source: MLS, Oliver Reports

Comment
With the prospect of stronger economic growth going forward, demand for housing should continue to be strong at a time when inventory remains very low, a recipe for rising prices.

Are you considering selling your home? If so please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.

Not sure which broker to use to sell your home? Read  Which broker should I choose to sell my house?

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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