Summit County for sale inventory on the decline

According to the National Association of Realtors (NAR), the inventory of homes listed for sale fell 20% compared to a year earlier. At 2.19 million homes, that represents the lowest inventory since Realtor.com began tracking the data back in 2007. Our research indicates that Summit and Park counties have seen an even more favorable trend with total inventory down 28% including a 23% decline in single family homes and a 29% drop in condos. Raw land in the counties did not fair as well registering a decline of only 17%
As noted in the NAR announcement, the lower inventories have not yet resulted in an improvement in housing prices. Demand, while up from 2010, remains historically low and the “shadow” inventory of homes that have been taken off the market or bank owned properties that haven’t yet come on the market is likely to limit any near term price recovery. Nevertheless, I believe it still may be a good time to buy. Interest rates are unlikely to stay at the currently very depressed rates and with it taking longer to sell a home it remains very much a buyers’ market.