If you are hoping to sell a house in the $400K price range, your prospects of doing so are much better now than they were a year ago, and here is why....

• While inventory levels (the number of homes for sale) have not declined in the past year, they also have not increased significantly.  There are two more homes for sale in this price range now as compared to a year ago -- which means you have just about the same amount of competition from other listings as you would have had a year ago.
   
• The are 58% more buyers now as compared to a year ago.  That is to say that 62 buyers bought $400K+ homes in the past 12 months, as compared to only 40 having done so in the 2 months prior to that.  This segment of the market is much more active than it was a year ago.
   
  
• The two changes above result in a 35% reduction in the number of months of housing supply available in this price range.  In other words, it would take 15 months for buyers to purchase all of the currently available inventory if they kept buying at a rate of 5.2 sales/month and if nothing new came on the market.  This 15 month supply is much better (from a seller's perspective) than where we were a year ago with 23 months of supply available.

If you are hoping to sell a $400K home, the market has seen significant positive changes over the past year that are likely to make your efforts much more successful now than they would have been a year ago.