It has been some time since we have seen a “healthy” real estate market. A healthy market is conventionally considered to have 6 months of housing inventory. Anything more than 6 months of inventory is considered to be a buyer’s market while anything less than 6 months is considered to be a seller’s market (Source: http://realtytimes.com/rtpages/20000203_buyermrkt.htm).
For the #iloveyorkcity thread, I’ve briefly studied the real estate market on “the Avenues” neighborhood. Compared to the rest of the city as a whole, and compared to the rest of the county as a whole, the Avenues neighborhood has a “healthier” inventory level based on the market performance from April 1, 2011 to March 31, 2012.
There are currently 29 active homes for sale in the Avenue (also included pending homes). Based on the performance of the Avenues market, these 29 homes represent 11.2 months worth of inventory as 31 homes have sold in the past year. Are you currently trying to sell or thinking about selling your home in the Avenues? If so, statistically speaking, only 2-3 of the 29 active homes will sell in a month. That is a lot of competition!
While these are still conditions for a buyer’s market, the Avenues neighborhood fare better compared to the rest of York City (13.26 months of inventory) and York County (11.5 months of inventory). Among other real estate professionals, I am hopeful and optimistic that our inventory levels are returning to good health.
If you would like me to do a study on a particular neighborhood, just leave a reply!
Sellers- if you’d like me to be more specific about the inventory levels of homes relevant to your home, please contact me!
Buyers- Here are the active listings in the Avenues neighborhood. If you would like me to set you up on custom search, contact me!