Quad City Housing Market Heats Up With Low Inventory - News and Weather For The Quad Cities -

Quad City Housing Market Heats Up With Low Inventory

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Quad City realtors report a shortage of homes on the market that could ultimately start to push prices higher. According to Ruhl and Ruhl, the current number of homes for sale in the Quad Cities area on the Multiple Listing Service is 1,351. That's the lowest level since 2001. As a result, realtors say homes that are for sale are receiving multiple offers.

The improving economy and continued low interest rates are cited as the reasons. Ruhl and Ruhl says the Quad Cities continues to be a balanced market, with 5.4 months of inventory. That means for now, it's good for both sellers and buyers because home prices are balanced. But with low inventories, home prices are expected to increase to keep up with demand.

Nationally, buyer traffic is up 40 percent from a year ago. Total housing inventory at the end of January fell 4.9 percent to 1.74 million existing homes available for sale. That's the lowest housing supply since April 2005.