December 2012 had a month supply inventory average of 2.5 for attached and 7.7 for detached properties.
Inverness,IL (PRWEB) January 16, 2013
Homes for sale in Inverness increased in closed sales and new listings while also significantly lowering in; median price, number of homes for sale and its total supply of inventory. This month three years ago only had 4 closed sales and this December 2012 closed with a total of 11 Traditional sales. Of these 11 sales, there were 2 townhomes that closed in Inverness.
The total number of new listings increased by double for this year reaching 11 Traditional listings and no REO or Short Sale activity. Over the last three years, the median price for Inverness attached properties have decreased by $200K. Also, the Median price for detached properties in Inverness dropped by half and are now listing at $477,000 from $1,150,000 in December 2010.
The number of homes for sale in Inverness dropped by 33% from last year with 6 attached and 67 detached properties for sale in December 2012. Within the number of homes for sale were 59 Traditional, 2 REO, and 10 Short sales. The number of REO’s and Short Sales are at their normal average for the past three years.
Inverness homes have less than a 10 month supply of inventory. December 2012 had a month supply inventory average of 2.5 for attached and 7.7 for detached properties. Three years ago attached properties had over 12 months supply of inventory and detached properties were over 19 months. Half of the supply loss of homes for sale in Inverness has been traditional transactions, and now are at 7 months supply of inventory. The market time reflects the demand for properties in Inverness a re increasing. From December 2010 to December 2012, the average number of days attached and detached property are on the market has decreased by over 35%.
With the data provided above, it is clear to see that homes for sale in Inverness are in a very active area that has a non existent REO history. Short Sale activity is also very low with an average of 717 days on market.
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