As Todd Rhea so eloquently said in a comment on my blog post yesterday....

"This inventory analysis is a big deal for the local market. In 2009-2011 the local market entered the year with more gross inventory than homes that were sold in the following 12 months. This year for every inventory unit entering the year, there will likely be 2 sales in 2014. The impacts on price from Supply and Demand have never been repealed. With lower supply (inventory) and modestly growing demand, days on the market should continue to fall, and prices should increase in 2014."

I agree wholeheartedly with Todd....

• The market is poised to perform quite differently this coming year as compared to previous years.
   
• The balance between buyers and sellers has shifted quite dramatically over the past two years, as shown in the graph above.
   
• Todd's predicted outcomes seem very likely to occur this year --- further reductions in days on the market, and increases in price.
  

Stay tuned for what will hopefully be an exciting 2014!

** Please note: The 2014 home sales shown in the graph above are a projection, not a promise. :)