What's Up Wednesday- July 15, 2020
We've been talking a lot about how our market has very low inventory, meaning there are more buyers looking to make a purchase than there are homes available on the market. Today we are going to look at a specific marker called Months Supply of Inventory. This marker shows how many months it would take for all of the homes on the market to sell with the current pool of buyers assuming no new listings came on the market. Six months supply of inventory is considered a balanced market while above six is considered a buyer's market and below is considered a seller's market.
In Loudoun County in June, the Months Supply of Inventory was 1.8. In June of 2019, the Months Supply of Inventory was 3.
In Fairfax County in June, the Months Supply of Inventory was 1.7. In June of 2019, the Months Supply of Inventory was 2.9
So if you have been toying around with the idea of selling, now is a great time to take advantage of this strong seller's market.
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