With every set of statisics I run or receive there is always good news….and there is always some bad news. That is the nature of real estate. What is good for sellers, is not necessarily good for buyers…and vice versa.
That being said…it appears that we are approaching a point in the market where the two may be getting close to meeting…where there is a balance in the market, and neither the seller, nor the buyer has the convincing upper hand. That point is if we hit a point where there is about 6 months of housing supply at the current rate of sales and listings.
We are getting there. It looks right now like there may be about a 8 month supply (down from 14).
The whole chart with all areas should be published tomorrow in the Mail Tribune.