Inventory is sliding downwards

Gut instinct is one thing. Facts and trends are another.

A combination of both helps keep the astute buyer's on top of the market.

That being said the latest market report from Trendsgraphix is out for Manatee County home sales.

Taking a broader view there is an interesting trend. The amount of single family homes on the market for resale is slowly declining.

During the height of the market at around May of 2005 there was a 2.2 month supply of homes for sale with 1,400 houses for sale. An extremely strong sellers market.

Rocket ahead to January of 2007 and there was 8,700 houses on the market and more than 37 month supply based on closed sales.

Now in August of this year there are 4,708 single family homes on the market with just slightly over a 20 month supply based on closed sales.

It is still a strong buyer's market but the trend is definitely downward. If the trend continues we will be closer to a neutral (five to seven months of inventory) by this time next year.

What it means for the home buyer is prices could start inching upwards by the end of next year as the supply tightens up.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com