High Demand, Low Inventory Spurs Market Upward

by Pete Belcastro
Statistics tell the story of the local real estate market.  It seems like its been this way for months on end with high demand, low inventories of available housing contributing to a sustained seller’s market.
The stats below compare August sales, listings, days on market, and available homes per buy and months of inventory supply.

Inventories are down 32% from a year ago, pending sales were up 35%, I think you see the picture here.
Either inventories need to pick up substantially or demand needs to slow down for things to change.  Even with fall months ahead, don’t expect either to change much.