Active inventory of homes available continues to rise, hovering around 4700 (Peninsula including Gloucester, Smithfield and Williamsburg, according to Real Estate Information Network stats), which is a 21% increase over March totals a year ago.
In the same category, 529 properties went under contract in March, down 14% from March 2007.
456 closings last month, down almost 19% from a year ago.
That leaves a 7.2 month supply of inventory, which is up almost 50% over last year. According to most real estate experts, less than a 6 month supply of inventory equates to a Sellers’ Market, and over 6 months indicates a Buyers’ Market…with 6 months supply suggesting a balanced market.
Activity has definitely picked up in the past few weeks; we’re even seeing some multiple offers in a handful of price ranges. The next few months will tell if we’ve seen the bottom yet…many indications are that we have and it is time for the market to begin a tick back up.
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