Frederick MD | Epic Housing Shortage Being Reported
Frederick MD Local Market Tidbits:
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From an advisory point of view, our local knowledge will benefit you financially when buying a home through us.
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From an activity point of view, these neighborhood in Frederick are the most active:
- Fort Detrick
- Wormans Mill
- Ballenger Creek Center
- Clover Ridge (Hill)
- Monocacy (Park, Crossing, Mile)
- Taskers Chance
- Hillcrest orchards
- Monarch Ridge
- Holly Ridge
- Manors At Ballenger
- Spring Ridge
- Brunswick & Brunswick Crossing
Today I want to talk to you about Epic Housing Shortage Being Reported
The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.
The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.
Regarding Existing Home Inventory:
“For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply – almost half of the 6.0 months level that is considered a balanced market.”
Regarding New Home Inventory:
“Markets nationwide are still feeling the effects of the deep and extended decline in housing construction. Over the past 10 years, just 9 million new housing units were completed and added to the housing stock. This was the lowest 10-year period on records dating back to the 1970s, and far below the 14 and 15 million units averaged over the 1980s and 1990s.”
The biggest challenge in today’s market is getting current homeowners and builders to realize the opportunity they have to maximize profit by selling and/or building NOW!!
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We know how it affects your family and we know the experience could affect the quality of your life.
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