The property market's shortage of properties relative to buyers is a major issue. To illustrate how scarce housing inventory is, let's compare the newest active listings, or properties for sale in a particular month, to usual levels.
The graph below illustrates this. It analyzes historical data to show how much inventory is still below a regular market (see graph below):
Note that this graph excludes 2020-2022. Because these were unusual home market years. To avoid data distortion, they were removed to make the comparison fair.
When comparing the orange bars for 2023 to the past regular home market years (2017-2019), active listings are still well below the usual.
What Does This Mean?
Low inventory makes this a good opportunity to sell your home. Buyers have fewer options than in typical years, which is affecting property market figures. The newest NAR Confidence Index statistics will please sellers:
The percentage of properties sold in less than a month rose to 74%.
The median days on the market dropped to 18 days, indicating that well-priced properties move quickly.
Average offers on previously sold properties rose to 3.3.
Low supply puts your property in the limelight. This is why sellers are getting more offers and selling their properties quicker. You should sell now if you've considered it. Connect to start the procedure.