Listing Inventory Continues to be Scarce
As we head into this hopeful last lockdown our market has never been as active as the last 10 months.
With the last 10 months of record sales the listing inventory continues to be incredibly low. The last two months have been very consistent with 123 and 124 listings respectively. These are the lowest numbers we have seen for a listing inventory during this time of the year. We are beginning to see more sellers starting to think about selling but the market is still experiencing pent up demand and multiple offers are continuing to be very prevalent.
The number of sales continue to be at an all time high with the total sales of the last ten months being more than double that of the same time period 2 years ago (pre-COVID).
The amount of multiple offers and strong market activity is evidenced by the average list to sale ratio being over 100%. Since we started doing statistics the average monthly list to sale ratio is 96.42% and with the reduction in listings, we have seen this percentage track upwards to the 100.72% we just saw in April.
Another metric we use to track the market is months of inventory. This is a number that is calculated by how many sales the market saw in the previous month divided into the number of active listings. A balanced market generally sits somewhere between 3 and 6 months of inventory being a balanced market (with 3 and 6 tilting towards a sellers and buyers market respectively). We have never seen numbers under 2 and we have had 5 of the last 6 months under 2 months of inventory.