Will 2013 be the year that sellers feel confident about selling their properties? Well, the data shows it should be...
What we are seeing in the market currently is shocking low levels of inventory. Every Monday morning, I pull stats on district 1-10, looking at SFR, Condos, Lofts, TICs, Stock Cooperatives and 2-4 unit buildings. These are the properties that most people interested in a residential property are shopping for. And while I thought that last year had low inventory, I've never seen it drop as low as it had recently. While we are starting to see the beginning of the spring inventory which typically picks up after SuperBowl Sunday, let's look at some numbers over the last few years:
As of January 21st, 2013 we are at 490 active properties
As of January 23, 2012 it was 827 active properties
As of January 24, 2011 it was 1363 active properties
As of January 25, 2010 it was 1147 active properties
As of January 26, 2009 it was 1463 active properties
As of January 21, 2008 it was 1186 active properties
So if you are a buyer looking at properties right now, you are experiencing the squeeze of the low inventory along with multiple bids on properties. If you're a seller or about to become one, you may well experience the benefits of this remarkable lack of properties along with low interest rates and pent up buyer demand.
This data is believed to be accurate and sourced from the SFAR MLS, but not guaranteed.This data is based on SFR, Condo, Loft, Tics, Stock Cooperatives and 2-4 unit buildings.