The housing market faces a challenge with the shortage of available homes for sale relative to the substantial demand from buyers. To underscore the limited housing inventory, let’s examine the most recent data on active listings and compare it to levels typically observed in more stable market conditions. According to a recent report from Realtor.com:
The average active inventory in June was 50.6% below pre-pandemic (2017-2019) levels in the same months. Active Listings Graph from Realtor.com:
Recognize that the graph excludes data from 2020 – 2022 due to the highly abnormal nature of that time period, given the pandemic. To provide a fair comparison, these years have been omitted from the graph to prevent any distortion of the data.
If we look at the orange bars representing 2023 in comparison to the last stable years for the housing market (2017-2019), it becomes evident that the count of active listings remains significantly below the norm. The shortage of supply is failing to meet the demand for houses, driving prices upward. People are spending more, which poses wonderful opportunities for sellers.
If you are thinking of selling your home, given the state of this market, now would be an excellent time to do so. Not only will you likely sell for a favorable price, you might also receive more offers in a shorter period of time. With increased demand and limited supply of houses, buyers should be ample and eager to purchase. Here are some statistics that sellers will be happy to see.
Data from the most recent Confidence Index from the National Association of Realtors (NAR):
- The percentage of homes sold within one month of being on the market reached 74%
- The median number of days a home stays on the market went down to 18 days
- The average number of offers on recently sold homes went up to 3.3 offers
In a market with low supply, your house will stand out more to buyers. If you have been contemplating selling, this might be the time to reach out to the Michelle Thomas Team. We have the experience, market insights, and negotiation expertise to deliver exceptional results – highest price with the best possible terms.