The Tri Cities Association of Realtors® June 2011 market report was made available today. Things might seem bleak given the number of homes on the market(1) versus the number of homes sold(2) when comparing to last year’s June. However, our homes appear to be increasing in value(3) and the really good news is our market might be headed for an upturn in sales given the number of homes under contract(4). Of course, remembering this time last year the First Time Home Buyer Credit was available, but having said that, June’s sales are the lowest in 4 years.
Given the rest of the United States’ real estate markets, we are thankful to be in the Tri Cites as for the most part our homes are either maintaining their value but most often increasing in value. Plus, when dividing the inventory(1) by the number of homes sold(2) we come up with 4 and half months of inventory. In most circles, under 6 months of inventory is a seller’s market, while over 6 months of inventory is a buyer’s market. In the Tri Cities, we are in a seller’s market. Of course, our calculation assumes we only sell 273 (2011 #4) homes per month of which should go up given the number of homes under contract (2011 #4).