Thursday, April 12, 2018

Inventory -- still low -- still a seller's market

The number of active listings* at the end of the first week in April this year is lower than at the same time in 2017 or 2016. 

(*We track five configurations of single family homes and condos/TICs.)

For the two single family home configurations we track, the available inventory is about equal to the number of properties sold each month which indicates a strong seller's market.  No surprise to anyone who has been trying to buy a house.  A client of ours recently made an offer on a nice, modest home in the Oceanside neighborhood and found himself in competition with twelve other offers.

For the condos we track, inventory isn't quite as constrained.  There were 100 active 1 bedroom condo listings and there are approximately 54 sell each month.  Still a seller's market, just not as strong.  For 2 bedroom, 2 bath condos there were 113 active compared to average monthly sales of approx. 60.  For 2 bedroom, 1 bath condos market is similar to the single family home situation with 24 available which is the same as the average monthly sales.

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