By Todd Waller
Historically low real estate inventory can be a daunting prospect for buyers and sellers alike. Real estate professionals use “months of inventory”—the number of months it will take to sell the current number of active home listings in a given market—to gauge local conditions. Over 6 months of inventory is called a “buyer’s market”; between 3 and 6 months of inventory is a “neutral market”; less than 3 months of inventory is a “seller’s market.”
Nationally, 2014 saw a thin inventory of homes for sale and good buyer demand for those homes.