For the first time in several years, the inventory of new construction homes available for sale is beginning to stabilize. The 2,014 available in January represent a decline of only 10 units from a year ago. Since the peak of the new construction market in 2006, the number of available properties has dropped by more than 4,000 units. Most of the recent stabilization can be traced to the growing new construction inventory found in the price ranges below $150,000.
The number of active listings continues to grow in the lower price ranges. The current Months Supply of Inventory found in the lowest price range below $120,000 is 7.1, almost triple the number of 2.6 seen there a year ago.
Condominiums continue to see the biggest drop in prices. The Average Sales Price of condos is down 10.1 percent over the last twelve months, and the 89.0 Percent of Original List Price they receive is the lowest of all property types. | HSO REPORT
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