Click below to access the current report and chart.
Oh, to be below 150 again
Less inventory is always a good thing for Sellers. The inventory this August was slightly less than the same month last year but not enough to be statistically significant.
We first broke the 150 homes in inventory mark in September of 2001. That was understandable as the market pretty much came to a halt for a few weeks due to the shock of 9/11. We again exceeded that mark for one month in 2003, 3 months in 2006, 4 in 2007 and by the time 2008 rolled around, we were over 150 in inventory for 11 of the 12 months. 2009 was similar and it looks as if we will still be there in 2010. In August of 2000, we sold 30 homes also.
How different the market seems than it did then. The demand really doesn’t change much. We can always count on selling 30-40 homes in Washington Park every August. It is the inventory that changes. August of 2000 there were only about 100 homes on the market in Washington Park. Just 73 additional homes in inventory creates a totally different experience.
Rates are still hovering around 4%. If you don’t plan to move, now would be the time to refinance. If you do thing about moving, now would be the time to do it. The low rate will have a much greater impact on how much you pay for your new home will. It seems counter-intuitive but waiting to get more equity out of your house so you can put more down on the new one will likely cost you more.