The graph below depicts the number of months it would take to sell the existing residential listings on the market, May 2010 through May 2012. Inventory is down 75% from where it was two years ago. We now have approximately 5.6 months of inventory where two years ago in May, we had approximately 22.6 months. What does this mean? Now is a great time to Sell since there is less competition in the marketplace. Conversely, now is a great time to Buy as home prices are just now making an upward turn and mortgage rates are still low.
Click on graph to enlarge.