Yesterday I broke down home sales by price range for the period of July 1 thru Sept 15. And a reader asked if I would follow up and show the months supply of homes for each price range. But of course.
Based on sales from 7/1 – 9/15 and current inventory – 454 for sale.
Let’s start with the months supply for all foothills homes
$0 - $13,500,000 = 142 sold/454 for sale = an 8 month supply.
An 8 month supply is a big improvement, about 6 months ago the supply was more like 18 months.
but break it down by price range and it’s a different story,
$0- $499 = 86 sold/170 for sale = 5 month supply
$500 - $999 = 41 sold/174 for sale = 10+ month supply
$1.0 & Up = 14 sold/105 for sale = just under a 19 month supply
So no need to worry about running out of homes for sale, at least from $400,000 and up, which is about 85% of the market.
And if we go tighter it’s a different story yet,
$200-$300 = 24 sold/30 for sale = a tad over a 3 month supply
$400-$500 = 31 sold/90 for sale = 7.5 months supply
$600-$700 = 15 sold/40 for sale = 6.6 month supply
$800-$900 = 5 sold/28 for sale = 14 month supply
$1.250-$1.5 = 6 sold/28 for sale = 11.6 month supply
$2.0-$2.5 = 1 sold & 11 for sale = 27.5 months supply
So as things have been going, generally, as the price goes up, the months supply of homes does too.
