Statistics are easy to come by in real estate — everything is recorded, the sale price, the new owner, location, loan info etc. In comparing August 2016 to August 2015 housing stats we find the market continuing a trend of high demand and low inventory.
Here is what I mean.
August 2015 August 2016
Pending Sales 260 351 up 35%
New Listings 320 358 up 12%
Ave. Days on Market 51 43 down 15.7%
Months Supply of Inv. 3.3 2.2 down 32%
Home per Buyer Avail. 4.4 3.4 down 22%
All this results in a current buyers market. But remember even with low inventory you home must be priced right or it will not sell. Much of the remaining inventory is overpriced properties or properties in poor share and location. New listings sell quickly especially if priced right. Remember a home must meet appraisals or a loan could be in jeopardy. Overall, sellers are receiving 96.5% of their asking price.
The only for this market to change is to increase the inventory support to meet the high demand. Or demand slows down considerably which doesn’t seem to be happening, according to the stats we see.