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Inventory At 13 Year Lows

By Judi Desiderio, Friday, April 26, 2013
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We all know of the scales of ‘supply & demand’ and how the price of any item is determined by this balance… or imbalance.
Here at Town & Country we have been blogging about how our particular housing market on the Eastern End of Long Island stabilized last year.
Well after stability, when there are fewer homes being listed, there’s only one direction for prices to go… yes that’s correct… UP!

The $75 Million dollar question—named after my favorite new listing on Georgica Pond—is how long and how fast.
The variables are inventory—this will be determined by homeowners who decide, the market’s better, now is the time to sell and buyers who decide I need to jump in now or maybe I will wait to see the long term affect.
Both in their dance to balance shall determine the future of property values.
In my professional opinion, many homeowners who did not wish to sell on the bottom of the market, and of course those who must due to personal circumstances, will list their homes… but that will not flood the market.
More buyers will move forward than sit on the sidelines.
The bottom line, our prices will continue to be stable with certain segments of the market that will experience a healthy pace of appreciation.

Nationally, home inventory level is at the lowest rate since 2000 and sales were up over 10% year over year in the month of March—which was the 22nd consecutive monthly year over year increase according to National Association of Realtors.
Locally, we are enjoying the most brisk buying spree in 6 years.. agents are all busy in all 8 T&C offices.