The number of listings continues to drop, as demand outstrips supply and potential sellers bow out, fearing they won’t be able to find something else to buy.
In Guilford County, the total number of closed sales increased 14.7 percent in the first quarter of 2016, compared to the first quarter of 2015, the Greensboro Regional Realtors Association reported. But the number of homes available on the market for purchase is down by about 30 percent.
Since inventory levels have been recorded, we are at an all time low. There’s less than a 3 month supply of homes available for purchase currently. (A 6 month supply is considered a stable market.)
How did this happen? Since the recession of 2008, single family new construction has yet to rebound. Plus, a large percentage of single family homes were purchased back then by REITs to turn into rentals & those homes are not coming back on the market.
So if you are thinking of buying, and you should with rates still so favorable, then you can’t dilly dally around when a good house comes on the market. If you do, it’ll be snapped up by someone else.
And if you are thinking of selling, you are indeed entering the best seller’s market I’ve ever seen in 33 years!