San Jose Real Estate Inventory Way Down

Inventory of homes for sale in San Jose is down, way down. A reliable metric I like to use is called Months of Inventory (MOI). This will paint me a fairly accurate picture of how well homes are selling compared to the inventory of homes for sale. For instance, if there are 90 homes on the market in a given area and 10 homes per month are selling, that tells us that there are 9 MOI. Anything over 6 months is considered a buyer’s market, under 6 months, a seller’s market. Looking back to December of 2007, there was 14.5 MOI, definitely a buyer’s market. As of the end of May, there was less than 2 MOI, clearly a seller’s market. These numbers don’t lie. If you’re a buyer, be prepared to compete with other buyers to get the home you want. If you’re a seller, things are looking up for you, finally. For more info about your specific area, please contact me at garynobile@aol.com or www.GaryNobile.com