Housing Inventory increases for 2nd month in a row

(Click here to download a PDF of this report.)
After 26 months of declining inventory year-over-year, August marked the second consecutive monthly increase for Single Family Homes (SFH) in the 34 cities and towns of Essex County. But read on to the section about supply which shows that inventory remains extremely low despite the modest recent increases.

Essex County Housing MarketEssex County Housing Market

Condo inventory declined for 44 consecutive months, year over year, until June and has now increased for 3 months in a row.
Essex County Housing MarketEssex County Housing Market

Supply
A market is normally regarded as being in equilibrium between buyers and sellers when the current supply is equivalent to 6 months of sales. Anything less than that is seen as a sellers’ market, meaning there are more buyers than sellers.Thus, while inventory has shown some modest year over year increases in the last couple of months, supply remains very tight in most markets in Essex County. Overall, the supply of SFHs is just 2.6 months,with only 6 towns showing supply of 6 months or more.

Essex County Housing MarketEssex County Housing Market

The Condo market is even tighter, with only 1.9 months of supply and no individual town recording 6 months.

Essex County Housing Market

Comment
While inventory has shown a welcome year over year increase recently, overall supply still strongly favours sellers – at the right price.

Sagan Harborside Sotheby’s International Realty
www.SaganHarborside.com

 

Get Free Email Updates!

Did you find this article useful? Add your email address and I will send you notification of new articles.

I agree to have my personal information transfered to MailChimp ( more information )

I will never give away, trade or sell your email address. You can unsubscribe at any time.