Is there Still a HIGH DEMAND for Housing?
YES! Hi I am Christina Swain with The Swain Team. Here are our local facts. Interest rates are on the rise (5.5-6%) yet, Inventory is EXTREMELY LOW. So this is where the law of supply and demand comes in. There are so few houses for sale that it continues to drive demand up. I think in time we will start to see prices stabilize but it will remain a seller's market. To illustrate my point, let's compare housing inventory levels in May.
In Bucks County in May of 2022 we had 788 houses on the market. In May of 2021, there were 869. Now to put things into perspective, in 2016 there were 1511 homes on the market in May. Wow!
In Montgomery County in May of 2022 we had 1179 houses on the market. In May of 2021, there were 1011. In 2016 there were 1908 homes on the market in May.
Interestingly, In Philadelphia County things are a little different. In May of 2022 we had 4728 houses on the market. In May of 2021, there were 4244. In 2016 there were 2291 homes on the market in May. This supports what we are hearing that people want to move out of the city. And that trend continues.
Over in NJ
In Mercer County in May of 2022 we had 745 houses on the market. In May of 2021, there were 810. In 2016 there were 866 homes on the market in May. Not a drastic change yet still a decrease.
In Burlington County in May of 2022 we had 854 houses on the market. In May of 2021, there were 929. In 2016 there were 1265 homes on the market in May.
And finally in Camden County in May of 2022 we had 778 houses on the market. In May of 2021, there were 872. In 2016 there were 1307 homes on the market in May.
These numbers combined with the fact that new home development is struggling to keep up with the population growth for 10 years leads me to believe that the housing market will remain strong.
If you are thinking about making a move and want to Net The Most, reach out to me for a free Customized Marketing Strategy. Until next time I am Christina Swain with The Swain Team - call me (267) 397-6291
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