Good and bad news for Virginia in the latest Home Value Forecast from real estate valuation company Pro Teck.
Housing inventory across the country is down significantly in May — 21% below 2011, in fact. (It based this on “numerous data sources including public records, local market MLS and general economic data.”)
In fact, in every CBSA — Core Based Statistical Area — inventory was down, except Philadelphia. (Which makes sense, as who wants to live in Eagles territory?)
The Washington, D.C., metro area saw inventory drop about 28% on the Maryland side, and about 15% on the Virginia side, while the Norfolk-Virginia Beach area saw about a 23% inventory drop.
There are just over six months of remaining inventory nationwide, down from more than 10 month’s worth in 2008 — the D.C. area has even less, while both Norfolk-Virginia Beach and Richmond are about average.
The company also gives broad ranks to the nation’s single-family markets based on a variety of indicators (sales, prices, inventory, etc.).
Tops in the nation: the Boise, Idaho, and Dallas areas.
Bottoms: the Winston-Salem and Virginia Beach-Norfolk areas.
The report is chock full of other information, and it’s worth a look. Click here to do just that.