The inventory of homes for sale in the mls is down 23% year over year at now only 498 homes. The median price of those homes for sale is up 4.5% from last year at now $585k. The number of pending deals is off 25% year over year at 387. Prior to last fall, the last time the number of pending deals was this low was in January of 2011. That is quite significant, and many agents are obviously not very busy.
The months of inventory measure is still quite low, and basically unchanged in the last few months. We have only 1.6 months of inventory overall. By price range it is 0.9 months for homes below $450k and 1.8 months for homes priced above that. Those balanced markets, from years ago, tend to occur with 4 to 6 months of inventory. That is still not even foreseeable. The median price of all residential sold, using a 3 month rolling average, is near flat, just up 0.4% from a year ago.
