In today’s real estate landscape, sellers find themselves in an advantageous position due to the current state of housing inventory. One of the most significant hurdles in the housing market is the scarcity of homes available for sale, particularly when compared to the robust demand from prospective buyers. To underscore the ongoing scarcity of housing inventory, let’s delve into the latest data on active listings, or homes that are up for sale within a given month, and examine how these numbers compare to more typical market conditions.
A recent report from Realtor.com reveals that, on average, the active inventory in June was 50.6% lower than the levels observed during the pre-pandemic years of 2017–2019. This fact is depicted graphically below, which employs historical data to provide a visual representation of how significantly the current inventory figures lag behind the levels characteristic of a more usual market situation.
It’s important to note that the years 2020-2022 have been intentionally excluded from this graph due to their highly anomalous nature in the housing market. To ensure a fair comparison, these years have been omitted to prevent any distortion of the data.
A comparison between the orange bars representing 2023 and the housing market’s last stable years (2017-2019) clearly demonstrates that the count of active listings remains notably below the norm.
So, What Does This Signify for You?
For those contemplating the sale of their homes, the limited inventory makes this an opportune moment to proceed. The reduced number of options available to buyers in comparison to more conventional years continues to exert an influence on key indicators within the housing market. Notably, the latest Confidence Index from the National Association of Realtors (NAR) brings promising news for sellers:
The percentage of homes that sold in under a month has slightly increased to 74%. The median days a property spends on the market has decreased to 18 days, indicating that well-priced homes are still selling swiftly. The average count of offers on recently sold homes has risen to 3.3 offers.
When the supply of homes is limited, your property naturally garners greater attention. As a result, sellers are currently experiencing quicker sales and a heightened volume of offers for their homes. If you have contemplated putting your property on the market, now is an ideal time to take action. Feel free to connect with Linda Craft Team Realtors to initiate the process.