Decreased Inventory Translates to Good News
Posted by Abigail Jennings — June 11, 2012
April proved to be an encouraging month for Lake Norman's housing market. According to the CMLS, the Lake Norman area saw an increase of 21.7% in pending sales units vs April 2011 for Lake Norman homes. All other communities surrounding the lake experienced similar good news. Equally encouraging is that the inventory continues to shrink.
Currently, there is a 13 month supply of homes on the market vs.during the peak of the slump in 2009, when we had an almost 30 month supply of homes. A "normal" supply is when it is neither a buyers' market or a sellers' market, which many believe is around six to seven months of supply. Less supply benefits sellers, higher supply benefits buyers. So, clearly we're still very much in a buyer's market, but the gap is shrinking and it is an interesting market trend to watch.