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Many people are currently asking if Rockford is a buyer's market. Let's look at the numbers. Right now, a lack of new listings is driving the time it takes to sell a home to historic lows. Last year, it took nearly 10 months to sell a home in the Rockford real estate market but this past May it took less than 6 months. That's nearly 4 months less time. The last time the absorption rate was this low was in summer 2007. The Rockford market housing inventory his 1,870 homes this May, almost 30 percent less than last year at this time. At the mid-level price range, multiple offers are competing for a scant supply of homes for sale. Properties are getting asking price and then some. Prices for mid-level homes are up double digit year over year and rising at a brisk pace. One of the theories of real estate is that a six-month supply of homes is considered a balanced market. When inventory rises, buyers get the upper hand and prices turn soft; with lower supply, sellers call the sh...
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