Wow! I thought it relevant to inform everyone that we only have a 7-month supply of homes on the market in the Fenton area. This is note-worthy because it was about a 24 to 28-month supply just two years ago! Haven't we all had enough bad news about real estate?!
As a buyer, you may have noticed this inventory reduction while seeking a property. As a seller, this is positive news because the National Association of Realtors defines a "seller's market" as one having a 6-month supply of homes or less. Thus, it appears we are heading toward a recovery in the local market-place. However, prices are still a factor of the economic/job situation, so who knows if and when prices will recover to the levels that property owners once enjoyed?! This should keep our buyers happy!