Graphic above from the Minneapolis Area Association of Realtors Housing Supply Outlook (Sep 09 PDF)
We talk about buyers markets and sellers markets and have been experiencing a buyers market for a couple of years now.
For the last few months we have gotten closer to what looks like a sellers market for homes priced under 500K. It is a sellers market for homes priced under 120K. Except for condos and townhouses. There is still a glut of them on the market and prices will have to go down a bit before the inventory will move.
I have been saying it every month for months but the inventory of homes on the market continues to shrink. There are fewer to choose from.
Foreclosures have slowed up but more are coming. We keep waiting for the other shoe to drop and the next wave to hit and it will. Maybe they will dribble through the system or maybe they will flood the market.
It’s interesting to see other markets and how the supply/demand varies. In the coastal region of SC we’re seeing inventory continuing to rise however not at the rate it was. DOM has also leveled a bit.
I agree with Bill k, We are somewhere in between a buyers and sellers market here in the Dallas area