A Normal Housing Market Has Half the Inventory Today
Does it make sense to sell your house now? Short answer: yes. Considering the low number of properties for sale nowadays.
While housing inventory increased marginally week over week (as indicated in the graph), total supply remains low (as represented in the red bars). Supply is down nearly 10% compared to the same week last year - and it was already considered low at the time. However, if you look further back, you'll notice that inventory is considerably lower.
To gauge just how far off from normal today’s inventory is, let’s compare right now to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, the supply is about 50% lower. That means there are half as many homes for sale now as there usually are.
What is the most important takeaway? We're still a long way from having a balanced market. There is a lot of interest in your home since there aren't enough of them. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
So, if you want to list your home, keep in mind that inventory is about half of what it would be in a regular year. That means if you sell now, your house will be in the spotlight, and you may receive numerous offers and a quick home sale.
With the amount of properties for sale being around half of what it would be in a more regular year, you can be confident that there is demand for your home. If you wish to sell, let's get in touch right now so your home can stand out from the crowd while inventory is so low.