RMLS Market Action hit my inbox just a few minutes ago. It is, as they say, ain’t that pretty. Inventory is up significantly to 8.6 months, levels not seen since January 2001 (8.5 months). January 2000 hit 10.1 months and we may take a run at that as the “winter slowdown” takes hold. History says the market slows in winter months. One note on the “what is a buyer’s market” question is that once upon a time I was told that six months was the balance between buyer’s/seller’s markets.
It is interesting that even in a cooling market that the number of new listings really didn’t change year on year for the month. The obvious concern (or joy for some) is the drop in pending and closed sales. Will price drops on existing listings will help move them? Are new listings hitting the market priced appropriately? There seem to be plenty of able buyers in our market and there are willing buyers. It is a question of when the rest will become willing? Rhetorically, it will be when prices drop more or when they decide the market has reached an equilibrium and the time to buy.