What Time Of The Year Is Housing Inventory Highest?
In today's competitive housing market, the scarcity of available homes for sale presents a significant challenge for potential buyers. The demand for housing outweighs the supply, making it an opportune time for sellers to capitalize on favorable conditions. To better understand the current state of housing inventory, let's delve into the latest data comparing active listings to more typical market levels.
A Deeper Look at Housing Inventory
According to a recent report from Realtor.com, the active inventory in June was, on average, 50.6% lower than the levels observed between 2017 and 2019, prior to the pandemic. This staggering statistic underscores the continued scarcity of housing inventory. Considering the substantial shortage of available homes now is an ideal time for homeowners contemplating a sale. The limited inventory means buyers have fewer options compared to previous years, leading to notable effects on key housing market statistics. Let's explore some of the findings from the latest Confidence Index by the National Association of Realtors that demonstrate the advantages for sellers…
Increased Percentage of Quick Sales
The Confidence Index reveals that the percentage of homes sold within a month has slightly risen to an impressive 74%. This statistic emphasizes the speed at which homes are being snatched up by eager buyers, provided they are appropriately priced.
Decreased Median Days on Market
The median days on the market have reduced to a mere 18 days, indicating that homes are selling swiftly when priced competitively. The current market conditions favor sellers who can attract buyers with attractive pricing and compelling offerings.
Rising Number of Offers
On average, recently sold homes are receiving 3.3 offers, showcasing the intense competition among buyers. This increased number of offers is a testament to the limited inventory and the strong demand for housing.
Seizing the Spotlight
With the limited supply of homes, sellers have a distinct advantage as their properties take center stage in the market. Homes are selling faster and receiving multiple offers, creating a sense of urgency among buyers. If you have contemplated selling your house, now is an opportune moment to take action.
Partnering with a Trusted Real Estate Professional
Navigating the real estate market can be complex, especially in the current landscape. To ensure a seamless selling experience, it's essential to connect with a trusted real estate professional. These experts possess the knowledge, expertise, and resources to guide you through the process and maximize your selling potential.
Bottom Line: Today's housing market presents an advantageous opportunity for sellers due to the persistently low housing inventory. Buyers face limited choices, resulting in expedited sales and increased competition. If you've contemplated selling your property, seize the moment and make a move now. Reach out to a reputable real estate professional who can help initiate the process and ensure a successful sale.