JP Market Update July 2018
Don't be confused by the numbers. It might appear that inventory levels are up significantly at 65% (38) but when compared to this same time period in 2009 ... not so good. Check out the "On Market" snapshot for the following years:
- 2009 - 155 Units
- 2010 - 192 Units
- 2011 - 165 Units
- 2012 - 87 Units
Ideally, we should be around 150 Units which gives an absorption rate of around 3 months which is considered healthy.
The 170% blip you see in the last graphic is due to a minor glitch when an agent initially (and accidentally) priced a property at $2,200 and it then sold for $360,750.
My glass is half full ... what about yours?