Where is the Inventory? Market Update for Fresno/Clovis
By Stephanie Greenberg, Fresno Homes For Sale
(Lion Real Estate)
WHERE IS THE INVENTORY? That’s the most common question asked in our Fresno and Clovis real estate market today. Although current home buyers and investors know that local inventory is at historic lows, much of the public only remembers hearing of the surplus of inventory caused by the market meltdown that began in 2006. For the record, local housing inventory peaked in the summer of 2007 where monthly averages were over 5,500 available properties. Coupled with anemic sales, that market had over 15 months supply of inventory. But that was then and this is now. According to the Fresno Multiple Listing Service (MLS), as of this May there were only 1,630 active residential listings. This is down 33% from May of 2012 (2,440 properties) and down 55% from May of 2011 (3,580 properties.) If...
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