The real estate market is in the midst of a major comeback. Sales are greater than any time since 2007. Consumer confidence is increasing. Economists are now saying housing is the major tailwind to our nation’s overall economic recovery.
However, there is one major challenge that could stall the housing market: a lack of inventory.
According to the National Association of Realtors (NAR) latest Existing Home Sales Report:
“Total housing inventory at the end of December fell 8.5 percent to 1.82 million existing homes available for sale, which represents a 4.4-month supply at the current sales pace, down from 4.8 months in November, and is the lowest housing supply since May of 2005 when it was 4.3 months, which was near the peak of the housing boom.
Listed inventory is 21.6 percent below a year ago when there was a 6.4-month supply. Raw unsold inventory is at the lowest level since January 2001 when there were 1.78 million homes on the market.”
A recent survey by Redfin reveals that the challenge seems to be continuing into 2013. New listings taken in the first 14 days of the year decreased by 30% as compared to the first two weeks of 2012.
A lack of supply will be good news for prices in the short term. However, for a long term recovery in housing, an increase in current inventory is crucial.
Manchester MA ListingsManchester, MA - $1,700,000
63 Forest Street - Single-Family - Colonial - Rooms:11 - Beds:4 - Baths:4/152 minutes agoManchester, MA - $5,250
1 Proctor - Rentals - - Rooms:9 - Beds:4 - Baths:417 hours agoManchester, MA - $789,900
24 Walker Rd - Single-Family - Contemporary - Rooms:7 - Beds:3 - Baths:3Manchester, MA - $535,000
44 Norwood Avenue - Single-Family - Bungalow - Rooms:7 - Beds:4 - Baths:2Manchester, MA - $1,200,000
1 Woodholm Road - Single-Family - Other - Rooms:8 - Beds:3 - Baths:2
Gloucester MA ListingsGloucester, MA - $409,900
7 High Popples Rd - Single-Family - Ranch - Rooms:10 - Beds:4 - Baths:21 hour agoGloucester, MA - $259,000
60 Centennial - Multi-Family - Units:2 - Levels:3 - Parking Spaces:313 hours agoGloucester, MA - $259,000
60 Centennial - Single-Family - Colonial - Rooms:9 - Beds:3 - Baths:213 hours agoGloucester, MA - $368,000
19 Woodward Ave - Single-Family - Colonial - Rooms:6 - Beds:3 - Baths:1/113 hours agoGloucester, MA - $335,000
6 Herrick Ct - Multi-Family - Units:3 - Levels:3 - Parking Spaces:1
Ipswich MA ListingsIpswich, MA - $499,000
12 Candlewood Rd - Single-Family - Cape - Rooms:5 - Beds:2 - Baths:24 hours agoIpswich, MA - $594,900
14 Oakwood Knoll Rd - Single-Family - Cape, Contemporary - Rooms:9 - Beds:3 - Baths:2/116 hours agoIpswich, MA - $285,000
96 Linebrook Rd - Single-Family - Cape - Rooms:5 - Beds:2 - Baths:1Ipswich, MA - $467,500
277 Topsfield Rd - Single-Family - Contemporary - Rooms:5 - Beds:3 - Baths:2Ipswich, MA - $739,900
24 Moray - Condo - Townhouse - Rooms:7 - Beds:3 - Baths:2/1
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