Robbinsville, new jersey
Today's Housing Market Holds Just Half the Usual Inventory
Curious about the wisdom of selling your house at this moment? The concise response is an affirmative one, especially when you take into account the scarcity of available homes on the market today.
You might have heard that housing inventory is currently limited, but you might not be fully aware of just how scarce it is and why this is advantageous when you’re selling your house. This graph from Calculated Risk can provide valuable context:
As depicted in the graph, while there was a marginal week-over-week increase in housing inventory (illustrated by the blue bar), the overall supply remains notably limited (indicated by the red bars). In comparison to the same week in the previous year, supply has declined by approximately 10%, and it was already considered scarce during that period. However, delving further into historical data reveals an even more substantial decrease in inventory.
To gauge the extent of deviation from the norm in today’s inventory levels, let’s draw a comparison with 2019, which marked the last typical year in the market. When we juxtapose the current week with the corresponding week in 2019, the supply has dwindled by approximately 50%. This signifies that there are currently half as many homes for sale as would typically be available.
The essential point to grasp is that we are still far from reaching what’s deemed a balanced market. The demand for your house remains robust because there is simply an insufficient supply of homes available. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), elucidates this:
“The shortage of available homes is evident. The market could readily accommodate a doubling of inventory.”
Hence, if you’re contemplating listing your house, keep in mind that there’s only approximately half the usual inventory you’d find in a more typical year. Consequently, your property will be in high demand if you decide to sell at this time, and you might experience multiple offers along with a swift home sale.
In summary, with the current inventory of homes for sale at approximately half of what’s typical in a more ordinary year, you can be confident that there’s a strong demand for your property. If you’re considering selling, don’t hesitate to reach out to us now. Your house can stand out in a market with such limited inventory, ensuring a favorable selling experience.
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