photo credit to MiamiAmia, courtesy of StockExchange.
Here’s this week’s chart. There’s a whole lotta green goin’ on.
Compare the Months of Inventory number for the above North Valley ZIP codes to the MOI number for the entire MLS:
North Valley, 9.38 ; Entire MLS Region, 6.23. The exurbs are recovering faster than the central corridors. No big surprise there.
Speaking of surprises, check out the whopping drop in MOI in Surprise since early February!
Surprise buyers bought up nearly 5 months’ worth of housing in just 2 months. The technical term for that is “selling like hotcakes.”
If we’re really in recovery mode in the exurb of Surprise, median prices should stop dropping there soon. I’ll graph the median price in Surprise over the past few months this week and let y’all know what’s afoot.
Background and Color Coding: red is bad, green is good, inasmuch as it means the stats are moving towards a balanced market. Months of inventory is a measurement of how long it would take to sell every house currently for sale, if no new houses were listed for sale and sales continued at the current monthly pace. Most local experts/forecasters and Realtors use 6 months’ supply of inventory on the market as the benchmark for a balanced market.