One of the biggest challenges in the housing market right now is howfew homesthere are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, lets 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 fromRealtor.com:
On average, active inventory in June was50.6% below pre-pandemic 20172019 levels.
Thegraphbelow 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):
Its worth noting that 2020-2022 are not included in this graph. Thats because they were trulyabnormal yearsfor the housing market. To make the comparison fair, those have been omitted so they dont 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 youre thinking aboutselling your house, that low inventory is why this is agreat timeto do so. Buyers have fewer choices now than they did in more normal years, and thats continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latestConfidence Indexfrom theNational 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. Thats why sellers are seeing their homes sell a little faster and get more offers right now. If youve thought aboutselling, nows the time tomake a move.Connect with a trusted real estate professional to get the process started.
When you are ready to buy or sell your next home, please call me, Marie McLaughlin 727-858-7569.
Source:https://www.keepingcurrentmatters.com/2023/07/06/todays-housing-inventory-is-a-sweet-spot-for-sellers/
