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What It Means When You See Napervilles Months Supply Of Inventory
The formula is simple. We take the most recent month and how many homes are for sale (SUPPLY) and we divide it by how many homes sold in that month (DEMAND). What we end up with is how many months it would take to completely sell what we have available based on how quickly we are selling them.
So, now we know how to find the number but what do the numbers mean. Last months MSI (months supply of inventory) could have been 3.6 and a few years ago it was at 14.7. Here is what you need to know. Historically a healthy and balance MSI is between 4-6 months. If we are higher than 6 months usually you will hear chatter that Naperville is a buyer's market. The opposite is true when we are below 4 months. The chatter will lean towards Naperville being a seller's market. That's it. Easy. The graph below is a "live" picture of the MSI in Naperville, Illinois. The article is being written in March 2014 but the graph itself will update with the most recent data. Enjoy!
Few more pieces of information on the graph above. It is looking at single family homes, not condos or townhomes. It is looking at resale homes, not new construction. Finally, it is looking at traditional sales, not foreclosures or short sales. If you are looking for something specific don't hesitate to ask for it. I can customize this and many other graphs to reflect what you currently have (seller) or want (buyer).
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The spring market in the Loop is going strong with more homes on the market since last month and more sales! Developers are still showing confidence in building up this neighborhood. Related Midwest