January Inventory vs. Past Year of Home Sales

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January Inventory vs. Past Year of Home Sales
By Scott Rogers • January 24, 2018 Filed In: analysis, inventory, market
In 2014, 2015 and 2016 we started off the year with enough homes actively listed for sale to last us for right around six months -- or a bit longer. This balance (a six month supply of housing inventory) is considered by many analysts to be an indicator of a balanced housing market. Last year (2017) was quite different. Inventory dropped 26% from 2016 to 2017 and sales rose 17%. As you would, thus, expect - we started off last year (Jan 2017) in a slightly different spot, as shown above. Which is, arguably, why we ended up seeing slightly FEWER home sales last year -- sales declined 4% in 2017 from 1309 to 1254. So, now, starting of 2018 -- are things any better? No. There are even FEWER homes for sale now than there were a year ago. Inventory levels dropped another 32% between January 2017 and January 2018 -- and the current inventory of active listings (280 homes) will / would only last us 2.7 months -- as compared to that balance point of six months. So, what then will this lead to in 2018? I am predicting slightly fewer sales than last year -- and likely faster sales -- and at slightly higher prices. Stay tuned! Receive updates from HarrisonburgHousingToday.com via e-mail: Enter your e-mail address: Recent Articles: In The Real Estate World, It Is Almost Time For Kids To Go Back To School Buyers Buying Faster This May Than Last Fewer and Fewer Foreclosure Sales in Harrisonburg, Rockingham County Home Prices Edge Upward As Demand Exceeds Supply Where Will Recent JMU Graduates, Staying In Harrisonburg, Buy Houses? Is $250K The Sweet Spot of our Local Housing Market? Sometimes The Home You Want Will Dictate Where You Will Buy Why Is Shopping Around For Mortgage Interest Rates Important? What homes are NOT being built? Only Six Lots Remain at The Glen at Cross Keys
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through May 24, 2018 (unless otherwise noted).
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