The trend is continuing with increased demand and less supply. The result is multiple offers on any reasonably-priced property below $170k. List prices are also on a steep incline. Even with the increased competition for homes, buyers are still getting bargains compared to several years ago. The key is getting your offer accepted. See below for the latest market data:
The blue line above represents available listings of Single Family Residences (SFR) of all price ranges. Notice that our inventory has dropped to about 1/3 of what it was one year ago. The pink line represents a small part of the demand. It shows the homes with accepted offers. However, it doesn’t show the thousands of people looking to buy a home right now who don’t have an accepted offer yet. Even excluding that latter number, the sales demand is far greater than the supply.
In this graph, you can see the affects of the high demand and low inventory. The days of supply is just over a week. Or, from a practical standpoint: Homes get multiple offers on them within days of them being listed.
And, of course, when supply is low and demand high, prices go up as evidenced by the expected list price sellers are bringing their homes to market at. Luckily there are still good deals to be had. But if you aren’t an all-cash buyer with an aggressive offer, your chances of getting a home in the $170k price point below are challenging.
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