I really feel like I need a blues band in Midwinter in recent years to effectively convey the status of the market and of the buyers. “Where are the homes?” Da Da Da Da “I’m in contract and nothing is available” Ba Ba Ba Ba “Come on bring the new homes to see…”
Yes, we have a massive buildup of pressure coming and it will avalanche in about late March to April. Then there will be a frantic array of sound and frenzied offers flying and things will be normal until Winter comes again… I cannot blame the sellers for holding their product for the best time available or because it’s just not the right timing for them personally. It is a complete switch from five years ago…
Switch from 5 Years Ago
I believe the number of months supply of inventory really tells the story effectively. As you can see from the graphic reports from Columbus Realtors, 2010 had a 13 month supply vs a three month supply in 2015. It is a night and day difference. Months supply means that if all things being equal all the inventory could be sold in x amount of months. In 2010, all the inventory could have been sold in 13 months. In 2015, it is three months.
What does it mean? It means that pickings are slim. The desirable homes are going to go quickly with all of this pent up buying pressure. It is a practice in patience and perseverance for those out looking for a new home. It all will happen at the right time and for the right reasons.