Today’s Housing Inventory Is a Sweet Spot for Sellers
The real estate market is currently facing a significant challenge: there are very few homes available for sale compared to the high demand from potential buyers. To truly grasp the scarcity of housing inventory, let’s examine the most recent data on active listings, which represent homes available for sale in a given month, in comparison to more typical periods.
A recent report from Realtor.com revealed that, on average, active inventory in June was a staggering 50.6% lower than the levels seen during the pre-pandemic years of 2017-2019. It is important to note that this analysis excludes the years 2020-2022 as they were atypical for the housing market. To ensure a fair comparison, these abnormal years have been omitted from the data.
Comparing the current orange bars representing 2023 with the last normal years of 2017-2019, it becomes evident that the number of active listings remains significantly below the usual levels.
What does this mean for prospective sellers? Well, the low inventory presents a fantastic opportunity to sell your house. In comparison to more typical years, buyers now have fewer choices, and this scarcity continues to impact crucial housing market statistics. The latest Confidence Index from the National Association of Realtors (NAR) provides some promising data 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 appropriately priced homes are still selling quickly.
- The average number of offers on recently sold homes has risen to 3.3 offers.
In conclusion, when housing supply is limited, your house will stand out. Consequently, sellers are experiencing quicker sales and multiple offers on their properties. If you have considered selling your home, now is the ideal time to take action. Let’s connect and initiate the process without delay.
Jennifer Blanchard Team
Berkshire Hathaway HomeServices NJ Properties