The Current Housing Inventory Presents an Ideal Opportunity for Sellers
The Current Housing Inventory Presents an
Ideal Opportunity for Sellers
Currently, one of the most significant obstacles in the housing market is the scarcity of available homes for sale in comparison to the high demand from potential buyers. To underscore the persisting limited housing inventory, let's examine the latest data on active listings, which refers to the number of homes available for sale in a particular month, and compare it to more typical levels.
According to a recent report from Realtor.com:
“On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”
In this blog, it's important to note that the graph excludes data from 2020-2022 due to the abnormality of those years in the housing market. This omission ensures a fair comparison and prevents any distortion of the data.
Comparing the orange bars representing 2023 with the last normal years in the housing market (2017-2019), it becomes evident that the count of active listings remains significantly below the typical levels.
What does this mean for you as a potential seller? The limited inventory creates a favorable environment for selling your house at this time. Compared to more normal years, buyers now have fewer options, which continues to impact crucial housing market statistics. The latest Confidence Index from the National Association of Realtors (NAR) reveals some positive indicators for sellers:
- The percentage of homes sold within a month has slightly increased to 74%.
- The median days on the market have decreased to 18 days, indicating that well-priced homes are still selling rapidly.
- The average number of offers on recently sold homes has risen to 3.3 offers.
In conclusion, when housing supply is scarce, your house will attract more attention. As a result, sellers are experiencing quicker sales and receiving more offers. If you've been contemplating selling, now is an opportune time to take action. Let's connect and initiate the process.
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Listing information last updated on November 29, 2023 at 11:15 PM EST.