Here’s a chart illustrating the supply of homes for sale as reported by the US Census Bureau. This illustrates how many months it would take to sell all the houses currently listed for sale, at the current pace of home sales. For example, if there are 500 homes currently listed for sale, and an average of 100 homes are selling each month, there would be a 5-month housing supply. This is because it would take 5-months to sell all the homes currently listed for sale.
More than a 6-month housing supply is a buyer’s market. Less than a 6-month supply is a seller’s market. The housing supply is running at less than four months locally. THIS INDICATES A SELLER’S MARKET. Here’s how this impacts you:
There are three main strategies that my clients are implementing right now to beat the competition and avoid getting outbid on their new home. Contact me for more details!
Source: CMPS Institute