As you might recall, months of inventory is calculated by dividing current inventory of homes for sale by the average monthly number of homes sold during the previous twelve months. The National Association of Realtors defines six plus months of inventory a buyer’s market; a seller’s market is defined as less than six months.
Using the above definitions of a buyer’s and seller’s market, homes listed below $700,000 are seller’s market and above $700,000, a buyer’s market.
The months of inventory definition of a buyer’s market is always trumped by a gorgeous home in a desired location with major updates at a market-balanced price.
For more information on specific list price ranges, visit our Market Reports page at www.MicheleFlory.com