This chart shows all of the single-family homes and condos that are currently on the market for sale, are under contract and pending, or that have sold. The most telling one is the For Sale bars as it shows a steady decrease in inventory as properties are either pended, sold, or taken off of the market. The number of homes pended and sold in November is down slightly from those in October, but the overall direction of the inventory is still heading downward. Granted, based on November’s inventory and sales, we still have approximately 18 months of inventory to plow through, but as long as inventory keeps going down, the market is moving in the right direction.
Remember that this is a county-wide snapshot and each neighborhood or even building is going to have it’s own unique market. What are you seeing in your neighborhood or building?