Explaining the concept of micro markets and how they affect inventory.

Today, I’m here to address this question: Is inventory still low? A lot of people have been asking me this question lately, so I’m here to say that, yes, general inventory is still very low. However, inventory can be high in some places because of micro markets. 

A micro market could be a condo complex, a neighborhood, a city, a zip code, or even a school district. The concept includes any area that people might be looking to buy. Sometimes the inventory is up in a micro market, and sometimes it’s down. In addition to that, overall demand has decreased.

“The micro market a home is in will determine whether the inventory is high or low.”

To show you this concept, know that I currently have one client who doesn’t have any available inventory in the neighborhood they want, which means inventory is down in their micro market. In contrast, my team and I recently put a home on the market in an area where there is a lot of inventory. This affected our pricing strategy, which we had to adjust because of the demand and available options for buyers. 

Therefore, when people ask whether or not inventory is down, know that the answer is complex. Historically, inventory levels are low. However, the key is that every property is different. The micro market a home is in will determine whether the inventory is high or low. 

If you have any questions about your micro market or real estate in general, don’t hesitate to reach out. You can call or email me anytime, and I would be happy to help you.