Today's Housing Inventory Is Ideal for Sellers

One of the most pressing issues in the housing market right now is the scarcity of available homes in comparison to the number of people looking to buy them. To highlight how scarce housing inventory is, let's compare the most recent data on active listings, or properties for sale in a given month, to more usual 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 mentioning that the years 2020-2022 are not shown in this graph. This is because they were truly atypical years for the housing market. To make the comparison fair, those have been omitted to avoid distorting 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 home, the low inventory makes it an excellent time to do so. Buyers have fewer options now than they did in more normal years, and this is continuing to effect certain crucial home market indicators. 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 limited, your home will be the center of attention. As a result, sellers' properties are selling faster and receiving more offers right now. If you've been thinking about selling, now is the time to make a move. Let's get this process started by connecting.