Cromford Daily Observation- At this stage of the year it is becoming very noticeable that 2016 is remarkably similar to 2015 so far. In fact we have not seen 2 consecutive years so similar before. This is apparent when you compare the weekly charts for days inventory, dollar volume, months of supply, active list price per sq. ft., listing success rate, listings under contract, pending listings, and sales per month.
The weekly days inventory chart shows almost identical readings for 2015 and 2016 from week 22 to week 29 (now).
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The main takeaway overall is a relatively stable, balanced market. Of course there is the whole 'trifurcated' dynamic - where most notably there has been disproportionately more listings than demand in the higher end. And then at the lower end just the opposite. The true 'balance' in supply & demand is mid-range. So chunking down we can draw plenty of submarket distinctions - whether by price range or location. But the 'chunked up' (30 thousand foot) view as shown above is not much year-over-year change / relative stability.
Not a bad message in a geopolitical year of uncertainty.
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