There has been ongoing talk about the health of the real estate market here in Jacksonville Florida, and I'm seeing a long term trend that deserves noting. We seem to have an ever decreasing amount of homes on the market as illustrated in the above infographic.
It looks to me that this trend started way way back in 2007 just at the beginning of the housing and mortgage bust, but it's amazing that it has lasted this long with an almost certain downward aim.
A few theories I have that is causing this:
- MOST could not sell for what they paid, so MOST decided to just stay put or rent the home out. This could cause buyers to be in the market for an upgraded home but they would not be selling their previous home due to the lack of equity.