“Let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.”
One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.
According to a recent report from Realtor.com:
“On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”
The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):
It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly abnormal years for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data.
When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm.
What Does This Mean for You?
If you’re thinking about selling your house, that low inventory is why this is a great time to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest Confidence Index from the National Association of Realtors (NAR):
- The percent of homes that sold in less than a month ticked up slightly to 74%.
- The median days on market went down to 18 days, showing homes are still selling fast when priced right.
- The average number of offers on recently sold homes went up to 3.3 offers.
Bottom Line
When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move. Let’s connect to get the process started.
To view original article, visit Keeping Current Matters.
A Trusted Real Estate Advisor Provides Expert Advice
With their expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan.
Why You May Want To Start Your Home Search Today
Inventory growth this year is certainly good news for you, especially if you’ve had trouble finding a home that meets your needs.
3 Tips for Buying a Home Today
No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional.
What Does the Rest of the Year Hold for Home Prices?
Despite what you’ve heard, experts say home prices won’t fall in most markets. They’ll just appreciate more moderately.
Is the Shifting Market a Challenge or an Opportunity for Homebuyers?
Today, data shows buyer demand is moderating in the wake of higher mortgage rates.
Why It’s Still a Sellers’ Market
While buyer demand is softening due to higher mortgage rates, homes that are priced right are still selling fast. That means your window of opportunity to list your house hasn’t closed.