Shortage of Inventory Creates Frustrated Buyers
August continued to see limited inventory and strong buyer interest. Increasing prices and a shortage of inventory are frustrating buyers since they cannot always find or afford what they want. Our brokerage estimates the inventory shortage may continue for the next year or two. Below are some interesting stats on top markets:
Riverside/Avondale/Ortega:16.7% of properties are selling above list price – a 83.5% increase over August 2016’s market.
Springfield: The median sales price increased to $63,000, a 57.5% increase compared to last year.
Murray Hill/Lakeshore: The number of closed sales increased by 30% and the median sales price grew 22% to $134,000.
Orange Park: Only 2 months of inventory available and the average days on market dropped from 73 to 54 days.