“The number of homes sold in October outpaced the number of new residential listings for the second consecutive month with 126 sales against 102 new active listings, a 24% differential. For all of the talk about inventory shortages, this would appear to support the case but for the fact that overall residential inventory is actually up slightly over last year at this time averaging 7% more units on a monthly basis. Of the 1,195 total outstanding residential units as of October month-end, only 262 (22%) were priced below $400,000. Homes priced below $400,000 represent a benchmark of affordability based on local median income,” according to the data and analysis provided in the October 2016 Market View report issued November 10.
The report continues:
“While perceptions may exist of inventory shortages, the fact is that the average monthly residential supply in 2016 is higher than in any of the preceding three years at this time. As illustrated in the March 2016 edition of Market View, the inventory issue is much less about total inventory and more about pricing segmentation. While excess inventory is more prevalent in the upper pricing tiers, strong demand for homes priced at or below the median, coupled with a limited supply of new inventory at or below those price points is driving up overall housing costs raising the median bar. “
To continue reading the complete report, including commentary by Joe Carpenter and his proprietary charts, follow this link.
Professionals all across our industry look to the data and analysis featured in this Market Trends LLC guide each month in order to understand the latest residential real estate trends in this market.
Researched, compiled, analyzed, and published by Joe Carpenter, one of our own brokers here at Fleisher Real Estate, the report features data on the number of real estate transactions and other key variables, measuring the total market opportunity and their respective market share. Real estate companies, brokers, mortgage companies, banks, appraisers, developers and other professionals rely on this report because, according to Market Trends, these trend indicators can display shifts in market direction well in advance of when they show up in prices and negotiating terms.
But what does that mean for you? While this is a report designed for industry professionals, it provides key insights that may provide individual buyers and sellers with an advantage as they approach their own transactions. We believe that knowledge is power, and like the report’s visionary Joe Carpenter, our entire team of experts believes in sharing our knowledge with our clients and the communities we serve. With this empowerment, we help set the stage for more successful transactions and more satisfied buyers and sellers.
If you are wondering how these trends may impact your own plans to buy or sell, contact Fleisher Real Estate today to begin the conversation.