January 19th, 2011 Categories: Market Updates
Housing inventory starts the year nearly 8% lower than mid-December’s level. If we see normal patterns of inventory, we’ll bottom-out in February and then see a tsunami of new homes starting in March. This month, distress sales (short sales and bank-owned properties) make up about 34% of the total. The total number of distressed listings are down compared to December, but it’s a greater percentage of the whole.
For buyers this can be a great time to make a great deal on a home that’s been on the market a while. Can’t find a home that suits your needs? Just wait – more homes are coming. For sellers, now’s the time to get ready for the spring market. Contact us to get ready.