The number of homes currently on the market through Houston's MLS is approximately 27,600 homes, the lowest for this time of year since November 2003. Historically, the number of homes on the market begins to decline in October or November. It will be interesting to see if inventory declines in December and January. With the number of pending sales remaining high, if inventory declines further and demand continues to increase slowly, we could see a strong Sellers' Market in the under $500,000 priced homes late in the first quarter of 2010. The offset to this may be that more home owners will gain confidence in the market and place their homes on the market.
I will watch the trends and report on this blog as they begin to unfold. Keep checking back.
