Inventory is up 4% from this time last year. (March 2018 compared with March 2019)
Closed sales for the year in the 1st quarter were down about 20% compared to 2018. This # isn’t a huge concern, as 2018 reflects an astronomical # of sales compared to years prior.
The market can really be looked at in 3 groups right now. Under 300k is clearly a seller’s market. Inventory is low and reflects less than 3 months of supply. 300-500k is considered to be a balanced market with just under 6 months available inventory on the market. And Lastly, over 500k is trending towards a buyer’s market, with over 10 months available supply on the market.
*These figures reflect the Flagstaff, AZ market only