Five Month Supply of Inventory
Months of supply gauges how many months it would be for the active inventory of homes to sell, taking into account the current sales pace of home sales. For example, if there are 500 homes on the market and 100 homes selling each month, there is a 5 month supply of homes for sale.
Months of supply is a great measurement to determine whether a local real estate market is favoring buyers or sellers. Less then 6 month supply = sellers market, more than 6 month supply = buyer’s market.
The data produced by Northwest Ohio Regional Information System on February 6,2020 shows Lucas and Upper Wood County the months of supply as a whole is 5 months. This number is teetering to a equality for both buyers and sellers.
In some markets like Perrysburg , Maumee , Bowling Green, and Toledo the months of supply are much less and vary in range. For example in Maumee and Bowling Green the months of supply in 2020 is only 1.9 and 1.6 monthly respectively, while in Perrysburg, and Toledo the month of supply is 2.8 and 2.7 months respectively.
What does this mean to you?
If you are in the market to sell your property or buy a home this upcoming 2020 spring selling market, the inventory of homes may vary slightly and may favor buyers or sellers.
Will you be prepared when the time comes? Click >>> here to request your area Local Market Update.