Tuesday, September 2, 2008

Month End Stats – August

This month's stats are showing the same slow, steady trend towards a balanced market. I feel silly saying the same thing month after month, "we're nowhere near normal but we're getting there."

But, it's true.

Months of Inventory is the amount of time (in months, natch) that it would take to sell every home that's currently for sale, assuming homes continued to sell at the same pace and no additional homes were placed for sale. Most real estate practicioners and economic forecasters agree that a 6 month supply is about 'normal'.

Note: I include all types of MLS-listed property in my monthly stats. This includes single family, detached houses, patio homes and townhouses, apartment style condos, lofts, pre-fab and modular housing. Why? It's microscopically easier to run the stats without screening out any property types. And I also figure that every sale of a home should count.

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