Raleigh’s “Weak and Declining” Real Estate Market
The imbalance of supply towards the end of last year caused a spate of homeowners who had been waiting for demand to return to the market to list their home for sale in spring which is why we have seen the month over month increases of inventory.
Inventory finally plateaued in June at 6,300 units or what amounts to a 4 ½ month supply of inventory (MSI).
This is an important number to look at because anything less than 3 MSI is reflective of a market demand that exceeds the supply and is what causes spikes in real estate prices. While it is good for sellers, it is not good for buyers and face it, most sellers are just waiting to become buyers themselves.