SCARCE: Weber and Davis County Housing Inventory Near Non-Existent
Published On: March 20, 2017 Posted by: Jeremy Peterson
The real estate market enters Spring of 2017 as a white hot sellers market. While the number of sales remains at historic highs, the days it takes to sell a home is been at record lows. This translates into a near record low level of inventory for homes on the market. The competition among buyers to purchase a home for sale is fierce. To see how lopsided the market is in favor of sellers, lets take a look at inventory levels in Weber and Davis Counties.
In Weber County, the hottest market is Roy with just 13 days (WHOA!) of homes available for sale. In other words, if no new homes were listed for sale, every home on the market would be purchased and gone in less than two weeks. That is remarkable. In Davis County, the hotter-than-white-hot market is Clearfield with enough homes to satisfy just 9 days of demand for housing. At the opposite ends of the scale we have the resort markets in Weber County of Eden, Huntsville, and Liberty. They all have enough listings to satisfy several months of demand.
Why is all of this happening? Housing starts continue to lag population growth, household formation, and in-migration. As long as this keeps happening, this trend will continue…for better or for worse.
Now, for fun lets travel back in time to 2008 during the dark days of market collapse and see how things have changed since then. Keep in mind the above chart shows days. This chart below shows MONTHS.
What a difference 9 years makes!