If not, we think we are getting very close. ,
During the big run up in homes prices between 2004-2006, inventory was at extremely low levels and demand was very high. At the beginning of April 2005, only 1.1 months of inventory was available, with only 119 homes for sale. That means that if homes sold at the same rate of sale as the previous month, it would take 1.1 months to deplete the inventory. At the beginning of August 2009, only 356 single family homes were active on the market, down from 674 from the previous year, a decrease of 47.1%.
Months of Inventory of single family homes in Weston is now at 6.4 months of supply, determined by dividing the previous month’s sales (56) into the current inventory (356). As Realtors®, we like to see inventory levels at around 6 months of supply. At that level, inventory becomes more balanced between Buyers and Sellers.
If you are thinking about selling your home, now might the perfect time to put your home on the market. Inventory is shrinking, mortgage rates are still at historic lows, and first time home buyers can still take advantage of the $8,000 first time home buyer credit from the federal government. The buyers are out there. They want to buy but are having a difficult time finding the right home that meets their needs.
Statistics are from the Multiple Listing Service. Information is believed accurate but not warranted.