October 2021 - WHAT HAPPENED TO HOUSING INVENTORY?
In September 2021, it looked like the real estate market was finally slowing down and showing some hard-earned growth in Housing Inventory. Six of the twelve locations had over one month of Housing Inventory - a monumental achievement. Then in October, the Housing Inventory seemingly fell off of a cliff. What happened? Was it that ravenous Buyer Demand fueled by historically low interest rates rearing its ugly head again after taking a break for a month or two? Or was it something more sinister?
While Demand is always going to be strong in these locations, the real culprit was Supply. Housing Supply took a big tumble after many months of slow but steady gains.
This is not the first time I've noted that limited Housing Supply is an issue. I made a video in June 2021 demonstrating that it wasn't only outsized Demand fueling our aggressive real estate market, it was also limited Supply.
We need more Housing Supply in every location, but it needs to be the right type of Housing Supply. Smaller, more affordable homes need to be injected into the Housing Supply to meet the incredible Demand for that type of housing. I will talk more about this in future videos. In the meantime, please follow these trends with me.
HOUSING INVENTORY - The following slideshow contains: current month and prior month Housing Inventory on the map, month-on-month Housing Inventory % change on map, July to October Housing Inventory Bar Graphs, and YTD Housing Inventory trend chart for each of the twelve locations. CLICK FOR DETAILED YEAR-TO-DATE HOUSING INVENTORY VIDEO.
HOUSING SUPPLY VS HOUSING DEMAND - The following slideshow contains: current month and prior month Housing Demand on the map, month-on-month Housing Demand % change on map, 24-month Interest Rate Graph, current month and prior month Housing Supply on the map, month-on-month Housing Supply % change on map, YTD trend chart for each of the twelve locations. This trend details how Supply and Demand create Housing Inventory.
MEDIAN DAYS-ON-MARKET - The following slideshow contains: the current month Median Days-on-Market on the map, July to October Median Days-on-Market Bar Graphs, 24-month Median Days-on-Market trend chart for each of the twelve locations. This trend helps you understand the speed of the real estate market. A Days-on-Market under 10 days is usually considered a seller's market.
MEDIAN SOLD PRICE - The following slideshow contains the current month Median Sold Price on the map and the 24-month Sold Price trend chart for each of the twelve locations. This trend shows the median sold price and the year-on-year percentage increase.
HOMES SOLD - The following slideshow contains a 24-month Homes Sold trend chart for each of the twelve locations.
Feel free to contact me with any questions.🙋♀️Have a great day!