Housing Inventory Hits A New Low

Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.

Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.

Here is a chart showing the decrease in inventory levels by category:

Colorado Connection

Locally here in our Colorado Springs market our total active listings in the month of June was down 18% compared to last year. While inventory has gone down the Median Sale Price has increased by $23,000! So the effect of inventory down, price up is holding very strong. Also the days on market for a home is at a low as well, 26 days compared to last Junes 31, this means homes are going fast and for top dollar. These stats do vary home to home but it's impossible to ignore that these numbers show that the inventory is low, and price points are up. Plus, with demand for homes very strong right now, and competition (other homes for sale) at a historically low level, if you are thinking of selling in 2017, now may be the perfect time. If you have any questions, or believe now is the time to sell, contact the Springs Summit Group. We are here to assist with any of your Real Estate needs and make it the smoothest process possible.

Article Content courtesy of: 

https://www.keepingcurrentmatters.com/2017/07/24/u-s-housing-inventory-hits-a-new-low-list-your-house-today/

https://www.greatcoloradohomes.com/blog/june-2017-colorado-springs-real-estate-statistics.html

Article Edited by Seth Worthey