The Ideal Moment For Sellers In Today's Housing Market

Navigating today's housing market might feel like solving a complex puzzle - there are fewer homes available, yet a surplus of buyers are eagerly searching for their dream property. To give you a clearer picture, let's dive into some recent data concerning the active listings, or homes up for sale within a specific month, and compare them to more standard market conditions.

A recent report from Realtor.com sheds light on the current state of affairs:

"On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels."

To put things in perspective, let's have a look at the graph below. It taps into historical data to show just how much today's figures trail behind the inventory levels commonly seen in a more balanced market.

Just a quick note, this graph doesn't include data from 2020-2022 - those were notably unusual years for the housing market, and their inclusion might distort the data. However, when you compare the orange bars for 2023 with the so-called "normal years" for the housing market (2017-2019), it's evident that the count of active listings is significantly below standard levels.

Now, you may be asking, "What does this mean for me?"

If selling your house has been on your mind, this might be the perfect time to put up that "For Sale" sign. With the housing inventory at a low, buyers have fewer choices compared to more stable years. This continues to influence essential housing market statistics. Sellers should rejoice when looking at the following data from the latest Confidence Index from the National Association of Realtors (NAR):

• Homes sold in less than a month account for about 74%, a slight uptick.
• The median days on the market dropped to 18 days, proving homes are still selling quickly when priced appropriately.
• Recently sold homes received an average of 3.3 offers, a rise from previous figures.

Wrapping Things Up

With such a low supply, your house stands a chance to shine like a star. That's why sellers are witnessing their homes selling faster and receiving more offers. If you've been contemplating selling, now's the perfect time to leap. Feel free to reach out to me, Sam Pecor at Sam Sells Homes, to kick start your selling journey.