Housing Inventory: town by town guide
Last week’s report Housing inventory increases again pointed out that year-over-year inventory in the 34 cities and towns of Essex County had increased for the 3rd consecutive month (4th for condos), but also commented that inventory still remains very low overall.
As promised, here is a breakdown of the current supply of Single Family Homes (SFH) for each city and town, as measured by the number of months of sales represented by the number of houses for sale.
As a general guide, a market is regarded as being in equilibrium between buyers and sellers when there is 6 months of supply. Thus, while there has been – finally – some increase in supply, overall it remains clearly a strong sellers’ market, although there are signs that pricing power for sellers is not as strong as it was in the spring.
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