Housing Inventories

We've mentioned before that the so-called buyer's market from the previous years is coming to an end, and now the numbers are starting to bare that out. Present inventories of homes on the market (that is, the number of houses currently active on the market compared to the monthly sales rate) is hitting a five year low in some areas. Some parts of the Greater Springfield Market are down to four months of inventory, which means that if all the houses on the market sold at the present rate, how long would it take to sell them? Well, the answer there is four months, and this really is happening in some areas. 


While that might seem like a lot of inventory, remember that about six months of inventory is what we call a balanced market. More inventory than that, and you've got a buyer's market. Therefore, less inventory would be referred to as a seller's market. So you can see in various areas of the city, it's a seller's market again.

With low inventories, historically low interest rates, and rising prices, we again urge first time buyers to move now while the market is the way it is. This might be as good as it gets for a long long time. 


For more information, visit us on the web at www.springfieldfirsthome.com, or simply call or text us at 417.8472.9222.