Today’s Housing Inventory Is a Sweet Spot for Sellers

<article class="post-734848 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-734848"><span class="entry-date">July 6, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Today’s Housing Inventory Is a Sweet Spot for Sellers</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Today%E2%80%99s+Housing+Inventory+Is+a+Sweet+Spot+for+Sellers&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Ftodays-housing-inventory-is-a-sweet-spot-for-sellers%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Today’s Housing Inventory Is a Sweet Spot for Sellers Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230706-todays-housing-inventory-is-a-sweet-spot-for-sellers.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>One of the biggest challenges in the housing market right now is how <a href="https://www.simplifyingthemarket.com/2023/05/11/the-best-time-to-sell-your-house-is-when-others-arent-selling/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">few homes</a> there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.</p>
<p>According to a recent report from <a href="https://news.move.com/2023-06-29-Realtor-com-R-June-Housing-Report-Home-Prices-Post-Their-First-Annual-Decline-Since-Before-2017" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank"><em>Realtor.com</em></a>: </p>
<blockquote><p><em> “On average, active inventory in June was </em><strong><em>50.6% below pre-pandemic 2017–2019 levels</em></strong><em>.”</em></p></blockquote>
<p>The <a href="https://www.realtor.com/research/data/" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">graph</a> below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (<em>see graph below</em>):</p>
<p><a href="https://www.simplifyingthemarket.com/content/images/20230705/20230706-the-supply-of-homes-for-sale-is-still-low.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230705/20230706-the-supply-of-homes-for-sale-is-still-low.png"/></a></p>
<p>It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly <a href="https://www.simplifyingthemarket.com/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">abnormal years</a> for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data.</p>
<p>When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm.</p>
<h4><strong>What Does This Mean for You?</strong> </h4>
<p>If you’re thinking about <a href="https://www.simplifyingthemarket.com/2023/06/26/the-true-cost-of-selling-your-house-on-your-own/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">selling your house</a>, that low inventory is why this is a <a href="https://www.simplifyingthemarket.com/2023/05/25/the-benefits-of-selling-now-according-to-experts/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">great time</a> to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-05-realtors-confidence-index-06-22-2023.pdf" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank"><em>Confidence Index</em></a> from the <em>National Association of Realtors </em>(NAR):</p>
<ul>
<li>The percent of homes that sold in less than a month ticked up slightly to 74%. </li>
<li>The median days on market went down to 18 days, showing homes are still selling fast when priced right. </li>
<li>The average number of offers on recently sold homes went up to 3.3 offers.</li>
</ul>
<h3>Bottom Line</h3>
<p>When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about <a href="https://www.simplifyingthemarket.com/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">selling</a>, now’s the time to <a href="https://www.simplifyingthemarket.com/2023/05/26/moving-now-can-give-your-house-its-day-in-the-sun-infographic/" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">make a move</a>. Connect with a trusted real estate professional to get the process started.</p>
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