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 - $1,125,000
805 Summer St - Single-Family - Colonial - Rooms:9 - Beds:4 - Baths:315 hours agoManchester, MA - $525,000
44 Norwood Avenue - Single-Family - Bungalow - Rooms:7 - Beds:4 - Baths:2Manchester, MA - $5,000
50 PROCTOR ST. - Rentals - - Rooms:8 - Beds:5 - Baths:3Manchester, MA - $850,000
84 Bridge Street - Single-Family - Tudor, Antique, Other - Rooms:10 - Beds:5 - Baths:2/1Manchester, MA - $750,000
35 Forster Rd - Single-Family - Contemporary, Multi-Level - Rooms:10 - Beds:4 - Baths:3
Gloucester MA ListingsGloucester, MA - $309,000
15 Flume Road - Condo - Townhouse - Rooms:5 - Beds:2 - Baths:1/155 minutes agoGloucester, MA - $1,099,000
52-54 Shore Road - Single-Family - Colonial - Rooms:8 - Beds:3 - Baths:312 hours agoGloucester, MA - $417,777
8 Bass Avenue - Single-Family - Colonial - Rooms:6 - Beds:3 - Baths:2/1Gloucester, MA - $244,900
10 Alpine Ct - Single-Family - Colonial - Rooms:5 - Beds:3 - Baths:1Gloucester, MA - $899,000
3 BAYLE LANE - Single-Family - Ranch, Multi-Level - Rooms:7 - Beds:4 - Baths:2
Ipswich MA ListingsIpswich, MA - $2,200
25 Plum Sound - Rentals - - Rooms:7 - Beds:3 - Baths:2/114 hours agoIpswich, MA - $634,900
23 Mulholland Dr - Single-Family - Contemporary, Multi-Level - Rooms:8 - Beds:3 - Baths:3Ipswich, MA - $625,000
22 North Ridge Road - Single-Family - Ranch - Rooms:4 - Beds:2 - Baths:1Ipswich, MA - $369,000
18 Birch Lane - Single-Family - Ranch - Rooms:6 - Beds:3 - Baths:1/1Ipswich, MA - $749,000
5 Eagle Ct - Single-Family - Contemporary - Rooms:9 - Beds:4 - Baths:3/1
- Around the Region: Aug. 20, 2014 August 20, 2014A summary of recent transactions and personnel news within Greater Boston's real estate community.
- Manchester police taking Smacked, Spice off store shelves August 14, 2014Police and city officials are warning about popular recreational drug that is sold legally.
- Mayor Gatsas and school board vote for Common Core in Manchester August 13, 2014Monday night was the Manchester School Board meeting in which the Curriculum and Instruction Committee's vote to push Common Core in Manchester was considered.
- Sudan woman who faced death over faith lands in US August 1, 2014A Sudanese woman who refused to recant her Christian faith in the face of a death sentence arrived Thursday in the United States, where she was welcomed first by the mayor of Philadelphia as a "world freedom fighter" and later by cheering supporters waving American flags in New Hampshire.
- Around the Region: Aug. 20, 2014 August 20, 2014
- Limits on Atlantic fishing boat upgrades to be dropped under new proposal August 21, 2014Five Indonesians and one South Korean have been killed in a fire on a fishing boat near Jeju Island, in the southwest of the Korean peninsula.
- Fishing permit holders offered disaster relief paperwork advice August 18, 2014The state Department of Fish and Game is sending representatives to New Bedford and Gloucester this week to help commercial groundfishing permit holders fill out the forms necessary for receiving a share of the $6.3 million in fisheries disaster aid approved by Congress earlier this year.
- Tune in this weekend: Katt Williams loves his 'Swamp People' and so much more August 17, 2014Can a comedian be incendiary, profane, controversial, steeped in black street culture and "conservative" at the same time? Viewers who identify with faith, patriotism and traditional values may not make it through 15 seconds of the stand-up special "Katt Williams: Priceless" .
- Market Basket customers prepare for rally August 16, 2014Jessica and Holly Pierce, a mother and daughter who both worked part-time at Market Basket in Gloucester, protested Wednesday.
- Limits on Atlantic fishing boat upgrades to be dropped under new proposal August 21, 2014
- Yes, People Should Clean Up Their Dogs' Poop, But Does This Poster in England Go Too Far? August 21, 2014A borough's campaign last year included a poster of a boy eating dog poop, and now it's gone viral on the Internet.
- Education: Suffolk prepared to dish out new free school meals... August 16, 2014From the start of the new term in September schools will have to provide free meals to all pupils between the ages of four and seven.
- What's The Biggest Car Show In The World? August 15, 2014Between the Michigan's Woodward Dream Cruise and Pebble Beach in sunny California, this weekend is an epic one car shows.
- Yes, People Should Clean Up Their Dogs' Poop, But Does This Poster in England Go Too Far? August 21, 2014