Across the country housing inventory levels are dropping like a rock. According to the National Association of Realtors, the average housing inventory is below a 5 month supply, this is 20% below the levels of just one year ago. Please read the KCM Blog about this info here.
Here in the Wenatchee Valley, the same thing is true with extremely low levels in all price ranges under $500,000. With the exception of the price range from $350,000 to 400,000, all other value ranges are showing less then a 4 month supply on the market.
While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline:
1-4 months’ supply creates a sellers’ market where there are not enough homes to satisfy buyer demand. Appreciation is guaranteed.
5-6 months’ supply creates a balanced market. Historically home values appreciate at a rate a little greater than inflation.
7-8 months’ supply creates a buyers’ market where the number of homes for sale exceeds the demand. Depreciation follows.
Now is the best time to sell since 2005 according to KCM, and I have to agree.
Call me when you're ready to make a move, I'll put my experience to work for you.