Below is a graph with some very interesting stats which give me pause and commentary. This is a look going back 10 years to the wild and crazy pre-“crash” days of yore. The first thing which amazes me is the amount of homes for sale vs. today. 8,230 listing 3rd qtr of ’07 vs. this past quarter’s measly 1393.
The MSI or Month’s Supply of Inventory, is another indication of a fast, tight market. From 11.7 months supply (big Buyer’s market), 1st qtr of ’08 to 1.8 months supply 1st qtr of this year. New listings per quarter? Past quarter is the lowest in 11 years. Yeah, where are all those listing!?