Are Rising Prices Fueling More Listing Inventory?
There’s an interesting disconnect in the Boise real estate market these days.
Despite the very high number of pending sales (1,237 as of 7/6/12), our listing inventory has actually increased from a low of 1,876 homes in March to 2,072 as of 7/6/12.
That’s a 10.5% increase in listing inventory during our Spring market with very strong sales numbers.
The trend, this past Spring, was increased pending sales combined with declining listing inventory.
Now, our pending sales remain strong but our listing inventory is steadily increasing.
I have a theory about this.
I think one of the reasons our listing inventory is increasing is that previously-underwater sellers have benefited from increased equity due to rising property values and are now wanting to sell.
This is especially likely in the under-$200,000 price range, which comprises roughly 62% of all Ada County sales.
July 9th, 2012 Posted in Inside Real Estate
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