Single Family Homes..How Many Months of Inventory?

A great indicator to see how much competition exists is to look at the number of months of inventory. If no other homes are placed on the market it would take, typically in a steady market, 8.5 months until all of the homes are sold. Below are the number of months of inventory in the single family home market. These numbers are broken done by county. As you will see most of the outlying counties have the highest inventory numbers. These areas also have the highest months of inventory of new homes and developed lots.

Good thing is we currently have over 92,000 homes for sale in metro Atlanta. Down by 19,995 in November 2007. This is according to FMLS/MLS data.

County Months of Inventory

Banks 10.6
Barrow 7.8
Cherokee 10.6
Dawson 17.6
Forsyth 8.9
Gwinnett 10.5
Hall 12
Jackson 16.6

What does this mean to me? With the new housing bill we are hoping the the rate of foreclosures will begin to drop. This will help decrease the months of inventory. As the months of inventory begin to decline, buyer confidence will come back and more homes will sell. So, if you are looking for a new home, now is the time. Happy house hunting.