“Nearly every major market has seen double-digit declines in inventories of for-sale listings, making multiple-bid situations common,” this according to Inman News.
Inman News added, “While only the lowest-priced properties used to generate bidding wars, now homes in nearly all prices ranges attract multiple offers ….”
Inman News continued that many homebuyers became frustrated as a result of the shrinking inventories and corresponding multiple-bid situations. The news agency added that available homes go to homebuyers that are “swift, ready and aggressive.”
According to the National Association of Realtors, the total housing inventory or existing homes available for sale nationwide at the end of August 2012 reached 2.47 million, down by 18.2% from August 2011.
In Maryland, home units that stay on the market or active inventory in August this year reached 26,857, a drop from the 36,501 active inventory in August 2011, this according to the housing statistics of the Maryland Association of Realtors.
Meanwhile, the Florida Realtors reported that last August, inventory for single-family homes and townhome-condo properties in Florida stood at a 5.3-months’ supply. According to industry analyst, the ideal or a balanced market for buyers and sellers is a 5.5-months’ supply.
Florida Realtors Chief Economist Dr. John Tuccillo, said in a statement, “We’re hurting for inventory, but it’s possible that the improving conditions will lure more sellers into the market and mitigate the housing inventory crunch.”
The Guldi Real Estate Group is consistently ranked as one of the country’s top real estate teams by the Wall Street Journal. The Guldi Group provides outstanding customer service to clients throughout the state of Maryland and South Florida from four locations.