Yesterday I reported that the overall months-supply of homes for sale in the Foothills is down to 6.9 months. That’s based on the number of homes currently for sale, 487 today, and the 71 homes sold in July.
And I commented that this was dramatically lower than it’s been in a couple of years. And it is. But. Even though sales are up and inventory is down across the board, months of inventory varies widely depending on price range.
Here’s how it breaks out;
| Price | # For Sale | # Sold | = months supply |
| $0 - $599 | 243 | 50 | 4.8 |
| $600 - $999 | 132 | 15 | 8.8 |
| $1,000,000 Up | 112 | 6 | 18.6 |
| Totals | 487 | 71 | 6.9 |
So $0 to $599, with just a 4.8 month supply, is considered a sellers market. A sellers market, Imagine that.
From there, supply edges up into buyers market territory in the mid-range (6 months supply is considered an even, or normal, market), and on to a still very weak market at the high-end.
At the current inventory, $1.0 and up would need to sell 3X as many homes in order to stabilize. And hiding in the bushes are quite a few
high-end homes that have left the market unsold and, sooner or later, will return for another go at it.
Nevertheless, this is a big improvement in sales and months-supply, vs. where we were a few months ago.
see thefoothillsToday.com
to find your Foothills home
