Housing supply is defined by how many months would it take to sell all the existing inventory if no additional homes came on the market.
For example, in Walnut Creek we have 328 homes on the Multiple Listing Service as of today. According to TRENDGRAPHIX, as real estate data company, this would take approximately 4.6 month to sell.
Here’s the interesting news. TRENDGRAPHIX show that the worst month we had in Walnut Creek with housing supply was September 2007. Real Estate in Walnut Creek had 8.6 month of inventory. We have absorbed about 50% of our supply in nine months. There is a very good argument for the Walnut Creek housing market to be in balance.
Of course different price ranges have different statistics, I find this very interesting and hope that families that want to buy in Walnut Creek begin the process. Sellers should also look at these statistics, as it’s a good time to look at specific data to see if there is a shortage of inventory in their neighborhood and price range.