Here’s what MRIS (our local multiple listing service) reported today in their “Weekly Activity Report”:
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The Great Inventory Disappearing Act of 2009 continues in the MRIS region. Over the last three months the number of homes for sale in the region has dropped over 6,000 units from 68,214 to 62,148 as heavy home sales and weak new listings combine to draw down the available supply. Bear in mind that all this is taking place during the time of year in which inventory is typically growing, not shrinking.
This means that buyers do have relatively less to choose from compared to a year ago. This is plain when looking at the Months Supply of Inventory in the region, down 30.7 percent from last year to 7.3 months.
A balanced market is considered to have 5 to 6 months of supply, so the market remains slightly tilted in favor of the buyer.
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Note: Whether we are in a Buyers Market or Sellers Market can vary wildly from town-to-town, neighborhood-to-neighborhood, and price range-to-price range. If you’d like more detailed information about your neighborhood - what homes are selling for, what the inventory is, what your home may be worth, etc - just give us a call at (703) 242-3975.