By Andrew King
With the current shortage of inventory across the nation, many real estate brokers are facing a challenge they haven’t dealt with in a long time. In today’s market, it’s no longer about getting buyers to buy—it’s about getting homes on the market in the first place.
On a national scale, the median age of inventory was 78 days in March, down more than 20 percent from February and down 12.34 percent from the year-ago period. But, as always, it’s all about location, and different markets are experiencing different circumstances.
At one end of the inventory spectrum are areas in California reporting inventory shortages as low as two weeks. On the flip side are regions of Wisconsin where, according to Shorewest REALTORS® Executive Vice President and Owner John Horning, there is about six months of inventory. The National Association of REALTORS® suggests this is a balanced level for buyers and sellers, however, it is down from an 11 months’ supply last year, says Horning.