You know, one of the things that's really been causing a lot of headaches in the housing market lately is the fact that there just aren't enough homes for sale. It's like trying to find a needle in a haystack! To give you an idea of just how scarce housing inventory is, let's dig into the latest stats on active listings. We're talking about the number of homes up for grabs in a given month, and when you compare it to what we'd consider normal levels, it's pretty eye-opening.

According to a recent report from Realtor.com: 

““On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.””

Check out the graph below. It's a great way to see just how much the numbers are falling behind the usual level of inventory in a normal market. The graph uses historical data to give us a clearer picture of the situation. Take a look!

Just wanted to mention that the graph you're looking at doesn't include the years 2020 to 2022. Why? Well, those years were pretty unusual when it came to the housing market, so we decided to leave them out. We didn't want those abnormal years to mess up the data and make the comparison unfair. So, we're keeping it clean and focused on the relevant information!

When you take a look at the orange bars representing the year 2023 and compare them to the housing market in the last few normal years (2017-2019), it's clear that the number of active listings is still well below what we would consider normal.

What Does This Mean for You?

If you're considering selling your house, now is a really good time because there's a shortage of available homes on the market. Compared to previous years, buyers have fewer options to choose from, and this is causing some interesting trends in the housing market. The latest Confidence Index from the National Association of Realtors (NAR) even reports some positive stats that sellers will surely be thrilled to hear about.

• The percent of homes that sold in less than a month ticked up slightly to 74%. 

• The median days on market went down to 18 days, showing homes are still selling fast when priced right. 

• The average number of offers on recently sold homes went up to 3.3 offers.

Bottom Line

When the supply of houses on the market is really low, it means that your house is going to be in high demand and get a lot of attention. That's why sellers are finding that their homes are selling quicker and receiving more offers at the moment. So, if you've been considering selling your home, this is definitely the perfect time to take action. Let's chat and start the process of getting your house sold!