Just like in retail, we take inventory and measure the pace of demand.
The inventory versus demand picture in the Thurston County housing market looks like this:
Number of active residential listings: 2056
Number of residential listings sold within past 12 months: 4040
Average number of sales per month: 336
Number of months worth of current housing inventory: 6.01
If no more homes come on the market from today on, there are enough homes on the market to last 6 months. Inventory of more than 4 months marks a buyer's market.
This information reflects the Thurston county market as of 10 November 2007. The information stems from NWMLS data and is deemed reliable, but will not be guaranteed.
Sandy Nelson
Realtor for Olympia Area Real Estate
www.sandynelsonrealestate.com
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As a your full service Realtor and Accredited Staging Professional in the Olympia, Lacey, Yelm, Dupont and Fort Lewis area, I specialize in single family residential property and military relocation.
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Some areas have a year and a half on inventory, you are in good shape.
Charles, a year and a half of inventory sounds catastrophic. That's definitely a buyer's market.
Sandy
10 years and you are the first person that could explain this mathematical equation. I hear people talk about the end result but when I ask how they figure it they say "oh I heard this from someone else"
Todd Hueffed
http://www.thathomezone.com/ in partnership with Keller Williams North Seattle
Todd, I'm so glad you got something new out of this post. I learn a lot too, by reading other Realtors' articles on active rain.
Sandy