According to Inman News, the number of homes for sale in the US is at its lowest level in 10 years, while sales are at their highest level since 2009. Low inventory + higher demand means price increases are inevitable. Nationwide, home prices were up over 10% from a year ago with 9 months of consecutive gains.
The number of homes available to purchase was down 22.5% from a year ago. There is a 4.8 month supply of homes available, which by definition is a sellers market. The last time there were that few homes to choose from was 2005.
Steamboat is also experiencing low inventories in certain market segments. Single family home’s, condos under $300,000, and bank-owned properties are three types of real estate where there are very few to choose from.
Existing-home sales, November 2012
|Seasonally adjusted annual rate||5.04 million|
|% change from November 2011||+14.5%|
|% change from October 2012||+5.9%|
|National median price||$180,600|
|% change from November 2011||+10.1%|
|Unsold inventory (months’ supply)||4.8|
|Share of all-cash buyers||30%|
|Share of investor buyers||19%|
|Share of first-time buyers||30%|
|Share of distressed sales||22%|
Source: National Association of Realtors