Supply will dip for the remainder of the year, but there are some hopeful signs that we may see a bump in the new year. To say that more inventory will immediately impact housing markets is premature, especially if affordability continues to drop and prices continue to rise. For the 12-month period spanning November 2016 through October 2017, Pending Sales in the CMLS region were up 6.5 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 10.6 percent.
The overall Median Sales Price was up 1.2 percent to $159,900. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 2.1 percent to $164,900. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 63 days; the price range that tended to sell the slowest was the $300,001 and Above range at 82 days.
Market-wide, inventory levels were up 13.9 percent. The property type that gained the most inventory was the Single-Family segment, where it increased 14.4 percent. That amounts to 3.8 months supply for Single-Family homes and 3.4 months supply for Condos.
Information courtesy of CMLS*