Whether you are considering a move or just staying informed about the housing market, having the latest information is crucial. With all the latest headlines you might find yourself wondering, “is the current surge in available homes fact or fiction?” Let us help provide you some insight, follow along for a current update on the supply of homes for sale in your area. Whether you are in the market to buy or sell, the available inventory plays a significant role. Dive into the details below for insights.
The Truth About Today’s Housing Inventory:
The narrative the past few years has been centered around the scarcity of homes on the market. However, recent national data demonstrates a twist to the story that if your like most might have you questioning the truth. According to Realtor.com, inventory is showing signs of growth month-over-month in numerous regions across the country (highlighted in blue on the map below).
Looking at the map, nationally, the housing supply has increased just over 5% last month alone.
Does This Mean the Days of Limited Housing Inventory is Over?
Many people are wondering if the days of limited housing supply is behind us. This is a fantastic question. The short answer is no. Understanding the full picture here is important. Headlines are stating that inventory is up. The statement is true when compared to the most recent market, but when you look further back, data shows that there are still significantly less homes for sale now than typically listed in a more normal market.
Let’s discuss the graph below.
This graph demonstrates homes listed for sale during the month of October for the three most recent normal years compared to homes listed in the month of October in 2023. As you can see there are significantly less homes listed in 2023 than in that of a normal market. Viewing this helps explain comments like the one ResiClub Analytics, founder, Lance Lambert made where he said, “Housing market inventory is so far below pre-pandemic levels that October’s big jump is still just a drop in the bucket.”
At the end of the day, real estate is hyper-local and changes vastly between locations. It is of the utmost importance, especially in times like these, to look to your trusted real estate agent for clarification of the market as they will help you gain better understanding of the inventory situations in your specific market. Don’t have an agent? Connect with us here.
If You Are Looking to Buy:
You might discover more options than you have in the most recent months. However, it would behoove you to prepare yourself for low inventory. Find yourself a great agent that will share their expertise and strategies that have helped others navigate today’s ongoing low housing.
If You Are Looking to Sell:
Know that you have not missed your window of opportunity to potentially get multiple offers or see your house sell quickly. While inventory has picked up some nationally, overall, it is still low. Having a professional Realtor on your side can help you significantly in understanding the market you are in. A great agent can craft your home a unique marketing plan that meets the requirements of the market to get your home sold.
Regardless of weather you are looking to buy or sell a home, let’s connect so that you are up to date on all of the latest trends that could potentially impact your move.