This time last year, our local market had 16 months of inventory. That means that if no new listings were added to our market, it would take 16 months for all of those homes to be sold.
Today, we have 8 months of inventory. That is a very good sign! In a market well balanced between sellers and buyers, an inventory of 5 to 6 months is just about right.
Homes in price ranges under $400,000 are selling fairly quickly, especially if they are priced right. I just listed an eastside Paso home for $339,000 and it sold in just 2 days.
If you're like me, you like good news. I just wanted to share a bit of that.
For more specific information about how the local market "faired" last year, and what we expect to see in 2009, check out my "Newsletter" link on the left side of my website home page at www.joaniewilliams.com.
Happy New Year! Joanie