Single Family Home Inventory 37% Lower Than Last Year.
In 2006, the week ending April 15, single family homes for sale in Medford stood at 108 units. 2007 numbers show a strong decline of available inventory by 37% to 73 units available. The current available inventory, for the second time this year, has dipped to an all year low of 73 units. The year began with 90 units available for sale but has stayed under 78 units for sale for the past 10 weeks. The units we’re seeing are being sold as an increase in homes under agreement remain in the mid thirties to a high of 41 units back on March 25. The under agreement numbers remain in balance with homes being sold, meaning those home coming off the market are under agreement and not being withdrawn or expiring from the market.
One would expect higher inventory numbers or some growth in inventory numbers as the selling season draws near. With a rather uneventful winter for the area, could the lower sale prices of homes forcing some home sellers to forgo putting their homes on the market until solid sign of home values increase? You would begin to think with the current foreclosure market, more and more home owners would attempt to sell before the dreaded inevitable occurs.
Condo inventory remain in balance with last year, up three units from last years number of 114 units. Multi-Family units are up 20% to 57 units for 2007 compared to 45 units in 2006.
