Thursday, May 1, 2008

May Market Watch

Have we peaked?
March saw a year over year drop of 27% in the number of new homes coming on the market in the Cincinnati MLS. The January to March quarter had a 10% drop from 2007 to 2008 and it's the first drop in March inventory since the year 2000.

The high inventory of homes has been a significant factor in creating the "buyers market" we've experienced since 2006. Getting a reduction in inventory is a first step in moving us back to a balanced market and achieving price stabilization. Expect this metric to be watched closely over the next few months to see if we get a corresponding reduction in the time homes spend on the market.

No comments: