Today’s Housing Inventory Is a Sweet Spot for Sellers

Today’s Housing Inventory Is a Sweet Spot for Sellers

The housing market is facing a major challenge: a shortage of available homes for sale compared to the high demand from buyers. It's important to understand just how limited the housing inventory is right now when compared to more typical market conditions.

According to a recent report from Realtor.com, active inventory in June was 50.6% below the levels seen in the pre-pandemic years of 2017-2019. This graph provides a visual representation of the gap between current inventory and the normal market levels.

Housing Inventory in Las Vegas Valley 7/10/23

It's worth noting that the years 2020-2022 are not included in the graph since they were exceptionally abnormal due to the pandemic, to ensure a fair comparison.

When we compare the orange bars representing 2023 with the years 2017-2019, it's clear that the number of active listings is still significantly below the usual levels.

So, what does this mean for you?

If you've been considering selling your house, now is an excellent time to do so. With fewer choices available for buyers compared to more typical years, certain key housing market statistics continue to be impacted. The latest Confidence Index from the National Association of Realtors (NAR) reveals some positive data for sellers:

• The percentage of homes that sold in less than a month has slightly increased to 74%.
• The median days on the market has decreased to just 18 days, indicating that properly priced homes are selling quickly.
• The average number of offers on recently sold homes has risen to 3.3 offers.

In conclusion, when the supply of homes is low, your house will stand out in the market. This explains why sellers are experiencing faster sales and multiple offers. If you've been contemplating selling, now is the opportune moment to take action. Let's connect and get the process started.

Graham Team Real Estate • (702) 930-9551 • Team@grahamteamnv.com

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