Real estate, like any other business that involves selling a product, is affected by “supply and demand.” And if you’ve been trying to sell a high-end home in our market you have a painful first-hand knowledge of it’s implications. We have too many high-end listings in our local market.
The red vertical bars in the chart above show the homes sold since January of this year. The green bars show how many homes are currently for sale. The chart is divided into under-$200,00, $200-300K, $300-400K and over-$400K price ranges.
In the over-$400,000 range, just 22 homes have sold so far this year. The green bar shows 95 active in that bracket. That means we have a 34-month supply of homes in that range.
In the under-$200,000 range 218 have been sold this year. 127 are on the market. That’s just a 4.7 month supply!