Real Estate Inventory Possible Cause For Alarm
Long Cold Winter – Slow Sales, Prices Mostly Steady except for Hot Spots
Prices have stayed flat except in hotspots like the seacoast region where prices continue to climb at double digit annual rates. Rockingham County saw a 12% annualized increase in prices but more than 6% drop in the number of sales.
The report raises some concerns over the rapidly rising inventory levels as high as 11 months in some counties. Six months inventory is considered balanced and most counties were much closer to balanced just a few months ago. Is the high inventory a harbinger for a buyer’s market and sliding prices?
The real estate professionals, investors, and of course sellers, are all hoping for a strong spring market and early signs suggest that they might be right.
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