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: Do Lower Housing Inventory Levels Matter In Our Local Market? Harrisonburg Year End Housing Market Report Shows Increases in Sales and Prices When Will Home Buying Activity Ramp Up in 2019? Would Be City Townhouse Buyers Finding Few Options When Are You Least Likely To Sell Your Home? My Predictions for the 2019 Real Estate Market Comparing My 2018 Housing Market Predictions To Reality Home Sales Rise By (at least) 2% in 2018 Pending Home Sales Down 7.5% Buying A Home Is, Unfortunately, Not As Simple As Buying Now With One Click
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 Jan 15, 2019 (unless otherwise noted).
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