Housing Inventory is Low!
Ada County housing inventory is at historic low levels. In July 2007 we hit a high of 5198 available homes for sale, today we have less than half that many homes available (only 2538!). In October 2010 inventory dropped below the 3000 mark, dropping to around 2700 the beginning of 2011 and remaining there ever since. What is remarkably different this year is we never had the typical uptick of new listings we generally see the beginning of each summer. In just 4 months the months of available dropped from 5.7 months to 4.3 months. Just a couple years ago we where looking at 10 – 11 months of inventory. ‘Months of inventory’ means if we where to have no new new homes listed it should take 4.3 months to sell all the current inventory of homes. Of course this would never happen but the lower this number gets the healthier the housing market is assumed to be.
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