How’s the North of Montana Market? So what’s this mean?
Summer 2011 is here and inventory is low for North of Montana single family homes and estates. Looking at the graph (inserted) for the 90402 zip code it’s obvious there has been a sharp downturn in the number of homes for sale North of Montana. There are several reasons to account for this: (1) sellers who can’t get their price are not selling their properties in this market; (2) only sellers that absolutely need to sell are selling on the current open market, and (3) inventory has always been historically low North of Montana.
The other figure that should catch your eye is the downturn in the number of days on the market it is taking for homes to sell. The number was peaking in Spring, but has dropped to a level comparable to last Summer’s figures. Notice the direct correlation between number of days on market and inventory? As less homes became available; the faster the one’s that were on the market were sold.