When considering a move, staying informed about the current state of the housing market is crucial. This update focuses on the current supply of homes for sale, a vital factor whether you are in the process of buying or selling.
Looking at this graph, three things become clear:
- 2017-2019 (the blue and gray lines) follow the same general pattern. These years were very typical in the housing market and their lines on the graph show normal, seasonal trends.
- Starting in 2020, the data broke from the normal trend. The significant drop in 2020 (the orange line) corresponds to the onset of the pandemic, during which many sellers halted their plans to move. Although 2021 (the green line) and 2022 (the red line) align more closely with the normal trend, they still exhibit abnormalities in their own ways.
- This year (the black line) is truly unique. Contrary to the usual steep drop-off in new listings during this time of year, 2023 is exhibiting a unique trend. Rather than following the norm represented by the dotted black line, the number of new listings is stabilizing. Moreover, there are even more new listings entering the market this year compared to the same period last year.
What Does This Mean for You?
- For buyers, the stabilization of new listings is a positive development. This indicates a more consistent flow of options entering the market, providing you with increased choices for your next home compared to the same period last year. This situation opens up possibilities, allowing you to explore a variety of homes that align with your needs.
- For sellers, although new listings are deviating from seasonal norms, inventory remains significantly below pre-pandemic levels. The black line on the graph for this year is still lower than the normal trend, indicating that inventory isn’t experiencing a substantial increase, and prices aren’t on the verge of a crash. With reduced competition from other sellers compared to a more typical year, your house has a better chance of standing out and attracting eager buyers.
Whether you’re in search of your next home or contemplating a sale, now could be an opportune time to make your move. If you have any questions or concerns about the availability of homes in our local area, feel free to reach out – let’s connect.