Home Inventory, an in-depth look
As of December 31st, there were 817 single family homes available for purchase, a 16% decrease from the prior month. It is the fourth consecutive month of declining inventory and the lowest inventory of available homes since early 2019. About 67% of the available homes are priced under $600,000.
For homes priced under $300,000, we have just 19 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is 42 days. With little competition in the market, it’s a very good time to sell a home in either of these price ranges.
Inventory of homes priced from $600,000 to $900,000 is less than 3 months, and the $900,000 to $1,500,000 price range is about 4 months. All of these price ranges are firmly in a Seller’s Market. For homes priced over $1,500,000, we have an 8 and a half month supply. A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.