RMLS Action Report /
As you can see, the Seller's market continues with now just .7 months of inventory. And to fine-tune that statistic, the RMLS has started to track "Readily purchased and occupiable listings" on the front page of the Market Action Report. This underscores that there are even fewer homes available if you eliminate those for sale only if the sellers can identify replacement property and those not finished yet (new construction or proposed). When you take that statistic into account, inventory falls to just .6 months. The market conditions are rapidly changing to accommodate this. Unfortunately, we are starting to see buyers waive inspection and offer non-refundable earnest money to win the day. With interest rates on the rise, this may cause some buyers to withdraw from the market, but I believe it will take a while before that effect is felt.
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Black History Month: Learning and Doing /
RMLS Action Report /
Months of Inventory crept up just barely from .6 to .8 last month. As we exited the holiday months, inventory ticked up. Some of that was expected, but we are still down 10.5% on inventory from the same time last year, so we cannot yet call this an improving market as far as buyers are concerned. On the other hand, sellers are enjoying double-digit appreciation and record low times on the market. Hopefully, the early spring "showers" us with high-quality housing to sell to all of our hungry buyers!