Finding The Right Home For YouIf you’re a first time home buyer, the stress of choosing the perfect house for your family can feel overwhelming at first. While that stress may seem very real,
How's the Market? (Months of Inventory)
Usually when folks ask this question, they want to know if properties are selling quickly and at higher and higher prices. But there are more indicators other than price and time which determine the health of the market. One is called ‘months of inventory’. As the name implies, it is the number of months it would take to sell ALL the currently listed properties at the rate which they have been selling.
The chart below shows how that number has fluctuated over time (from January 2006 up to the end of August 2019) for residential properties in the City of Moses Lake.
I chose this period to show how this aspect of the market changed since before the crash in 2007, through the recovery in 2016 and since then. I should mention a rule of thumb concerning the Inventory number - a value below 3 indicates a Sellers Market (few homes for sale); a value above 5 is a Buyers Market (with lots of homes for sale); and a value greater than 3 and less that 5 is a Neutral or Fair Market. Clearly during the crash, buyers had a heyday.
For some time now, as highlighted in the blue circle, the ‘advantage’ has shifted to the Sellers. The supply of homes for sale continues to diminish and the demand, most recently, is near an all time high (see below).
This trend cannot continue for long. We are seeing further new construction in the works, but until those are complete or (heaven forbid) we see an exodus of families from Moses Lake, the market will remain very tight and sellers will receive top dollar for their homes.
I guess I did answer the original question after all!
Mark Fanning, Managing Broker
Alsted Real Estate
Moses Lake, WA
Comments welcome via email to firstname.lastname@example.org
In 2019, after nearly 40 years as a Realtor in Moses Lake, Susan chose to step down as Designated Broker and place daughters Sherri and Amy in charge of the family business. Susan (CRS & GREEN) and M....