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: What To Do When Recent Comparable Sales Prices, Tax Assessments, Zestimates and Competing List Prices Vary SIGNIFICANTLY When Will We Start To See a Surge of Spring Buyers? All Home Buyers Are Special, and Some Are Spatial I Know You Know This, But These are RECORD Low Inventory Levels Needing vs Wanting A Home Sale Contingency 67 Four Bedroom Townhouses on Lucy Drive Instead of 107 Apartments, Retail, and Office Space? If Only We Had Two Or Three Of These Houses! Home Sales Slow In February But Contract Activity Increasing How To Think About Home Inspection Negotiations When A Realtor Represents a Home Buyer Do They Just Unlock Doors?
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 Mar 20, 2019 (unless otherwise noted).
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