THE AVAILABILITY of single family housing has shrunk dramatically in the area, says a local realtor.
If no additional homes were to come on the market, the Multiple Listing Service would run out of single family listings in nearly four months, says John Evans from Remax.
“That’s compared to Jan. 1, 2012 when there was a supply of 6.1 months,” said Evans of local sales activities.
The situation is now at the point where there may be only 16 single family homes on the market nowadays, he added.
“That doesn’t include mobile [homes], apartments, condos, units like that,” said Evans.
And as the number of single family dwellings available for sale declines, the average selling price increases.
In January the average selling price was $218,858, climbing to $236,783 in August and $246,060 as of October.
Just one year ago, October 2012, the average selling price was $216,132.
“What we’re seeing is definitely a sellers’ market. It isn’t a buyers’ market,” said Evans.
The situation has Evans predicting an increase in subdivision zoning applications being filed with the city.
“There is going to be a need for more supply,” he said.
Evans also believes that more home construction will ease a growing shortage of rental accommodation. That’s because there are people now renting who will want to move on up to a single family dwelling.