There’s been a lot of talk about low inventory, but how low is it really? Taking Ballard as an example, the average inventory level this year has been less than 1 month. That means that if no other listings come on the market, it will take less than 1 month to sell out the existing supply of homes.
One month is very low, considering that 4-6ish months is considered a “normal” or neutral market. By comparison, Ballard had slightly less than 2 months of inventory during the height of our last housing market’s peak!