Jeremy Jenks: Good morning, good afternoon, guys. We’re going to do a market update today, and we’re switching areas now, down to Prince Creek which is one of our hot zones here at the Trembly Group. We’ve got quite a history in selling in some of the different neighborhoods in Prince Creek and also helping develop down in Prince Creek in different areas.
What I want to cover with you today, to get started in Prince Creek, is we’re going to do months supply of inventory. If you’ve been staying tuned in some of the different areas that we’re covering around town, you have been paying attention, then you know how we do things a little bit. We’re going to start with months supply of inventory, and again, if you’re over six months according to the National Association of Realtors, supply of inventory that’s over six months means there’s a lot of inventory, so buyers have a lot of choices. The buyers are in control. It’s a buyer’s market. If it’s under six months, the sellers are in control. It’s a seller’s market.
Take a look at this. We always pay attention to previously owned and new construction, and today is going to be a great example. January of 2015, 10.8 months supply. January of 2016 was 7.5 months supply. In July, so today, as close as we can get it today, 2017, is 5.3. You see in previously owned homes there’s a buyer’s market and we’re seeing a really nice reduction, where we’ve just tipped into a seller’s market for the previously owned homes. There was a lot on the market just a couple years ago.
Now new construction, big difference in the numbers. January of 2015 was 4.3 months, so that’s been a seller’s market. January of 2016, 5.9 months, and then today, as close as we can get today, is 4.2 months. This has remained in a seller’s market. Last year, there was probably a few builders that were building spec homes and that inventory level was pushed up a little bit, and now they’re back off the market, and we’re back down to about four months supply.
Stay tuned for some more updates on Prince Creek in the coming weeks.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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