The health of the real estate market continues to be a hotly debated subject. Quantitative data, such as months of inventory, is a useful metric to determine supply and demand.
Conventional real estate wisdom equates the following with months of inventory:
- 1-4 months inventory means there are more buyers then sellers.
- 5-6 months inventory means the market is balanced with a healthy number of buyers and seller
- 7+ months inventory means there is an oversupply of product, with more sellers than buyers.
The following chart lists the schools districts in Westchester County that showed the greatest decrease in months of inventory from July 2009 – this is a positive indicator and a sign of a more robust market when compared to the same period last year.
| Westchester County School Districts | |||||||
| School District | Months of Inventory | Change from | |||||
| July, 2010 | July, 2009 | ||||||
| Ardsley | 11.1 | -55.9 | |||||
| Dobbs Ferry | 10.4 | -29.6 | |||||
| Edgemont | 6.6 | -25.9 | |||||
| Bronxville | 5.8 | -22.2 | |||||
| Irvington | 11.8 | -22.2 | |||||
| Source: WPMLS; Single Family Homes | |||||||
What a difference a year makes. At this time last year, Ardsley had 67 months – or 5 ½ years worth of inventory.
Our Market Report for Westchester County single-family homes is now available with July 2010 sales figures. To see the market activity for other school districts in Westchester County, visit HoulihanLawrence.com and go to the Local Market Reports at the bottom of the page.