The color change tells it all.
The color change year-to-year says it all. The yellow all over Feb of 2011 (1 yr ago) represented 3 to 6 months supply of homes on the market for sale. Feb 2012 is on the right — we’ve shifted to red, which is less than 3 months supply on the market. It’s called “very low inventory.” Big reason is homes locked up because the value is below what is owed — owners trying to wait it out. “Low inventory” usually means price stablization if not price rises. Take out distressed properties and that IS happening. We’re “in the turn!”
For more local Real Estate insights and stats, go to Realtor Joe Nabbefeld on Facebook.