What effect will that lack of inventory have on housing?
Thin inventory and strong demand is pushing home prices upward according to Shu Chen, Economist with Corelogic. “In many markets, the percentage of homes selling at list price or higher has risen back to pre-crisis levels. While inventory has been declining, demand for housing has not.
According the Greater Boston Association of Realtors®, January 2016 inventory of homes for sale was down 11.7 percent, the months supply of inventory was down 19 percent, days on market, down 13.1 percent and pending sales were up 4.8 percent compared to January of 2015.
Buyers are wanting to take advantage of the low rates while they last. If you are considering a move and want to know the current value of your home, please call me.