End of Quarter Update - Q3 2019
I ran the numbers for 6 zip codes for yesterday's Meetup at Molly Malone's. It showed what we all pretty much know already, it's still a seller's market.
It uncovered one surprise though. The median sale price in the original highlands area, zip code 40204, has actually fallen by 2.4% since last year. It's still a sellers market because there is only a 1.9 month supply of inventory but there's some resistance effecting the area.
Here's your link - Market Update 3rd Quarter 2019
How to Tell When it is a Buyer's Market or Seller's Market
Here's the generally accepted criteria for market conditions.
It's a Seller's market when there is less than 3 months of inventory. For instance if 20 properties usually in a neighborhood (or zip code, etc.) each month and there are 40 properties for sale then there is only a 2 month supply. You'll also here people call it 'inventory'.
The market is usually considered to be in balance with a 3 to 4 month supply.
When the supply of properties exceeds 4 months it is a Buyer's market.