If you remember, months of inventory is how long it would take to sell all the current # of homes on the market if no new homes were listed. Supply and Demand can be, and typically is, very different depending on your price point. Case in point. The price point over $1 Million had 9.88 months of inventory just in Feb. At the end of March they had 11.39 months of inventory. That means that it’s taking longer to sell.
The 140-$400k price point overall didn’t change much, but went down slightly (so that means they’re selling a little faster and for buyers it’s harder to get your offer accepted). However the 400-$500k price point dropped significantly from 2.07 to 1.7 months of inventory. That’s great news for sellers in that price point. And remember on average in our market 5 to 6 months of inventory means it’s an even market where buyers and sellers are on an even playing field. So as you can see, sellers still have a huge advantage and it doesn’t look like that’s changing any time this year.