The Latest Twist in Home Listings – Here's What You Need to Know
Hey there! If you're mulling over the idea of moving, you'll want to keep your finger on the pulse of the housing market. So, let’s dive into what's happening with the supply of homes up for grabs. Whether you're in the market to buy or sell, knowing about the number of homes available in your area is crucial.
In real estate, we see certain trends every year, something we call seasonality. Spring is usually buzzing with homebuying activity and also when most homes hit the market (that's what we call new listings in our world). But, as the year rolls on, we typically see a dip in these new listings, as the sales frenzy cools down a bit.
Now, take a look at this graph from Realtor.com. It’s a real eye-opener! (see graph below):
Here’s what jumps out:
- From 2017 to 2019 (blue and gray lines), things were pretty standard in the housing market. These lines show the usual seasonal ups and downs.
- But 2020? Wow, that was a curveball (orange line). The pandemic hit, and lots of sellers hit the pause button on their moving plans. 2021 (green line) and 2022 (red line) started inching back to normal, but they still had their quirks.
- Now, 2023 (black line) is something else! We're not seeing the usual drop in new listings. If this year were following the old pattern, the line would look more like that dotted black one. But what’s actually happening? The number of new listings is holding steady, and we even have more hitting the market than last year at this time.
So, What's in It for You?
For buyers, this is great news! A steady flow of new listings means more homes to choose from, more opportunities to find that dream home of yours.
For sellers, here’s the scoop: While we're seeing a shake-up in seasonal trends, the overall inventory is still not back to pre-pandemic levels. Check out the graph again, and you’ll see this year’s line is still lower than usual. This means we're not facing a sudden surge in inventory or a price plummet. Plus, with fewer competing sellers, your home could really stand out and draw in eager buyers.
Bottom Line
Whether you're on the lookout for a new place or thinking about selling, now could be your golden opportunity. Got questions about home availability in our area? Let’s chat and figure it out together.
