If you \’re considering moving, it \’s important to understand what \’s taking place in the real estate market. Here \’s an update on the supply of homes presently for sale. Whether you \’re purchasing or selling, the number of homes in your area is something you should take note of.

In the housing market, there are regular patterns that occur every year, called seasonality. Spring is the peak homebuying season and likewise when the most homes are generally listed for sale (homes coming onto the marketplace are understood in the industry as brand-new listings). In the 2nd half of each year, the number of brand-new listings normally reduces as the rate of sales decreases.

The graph below uses data from Realtor.com to supply a visual of this seasonality. It shows how this year (the black line) is breaking from the standard (see graph listed below):

Looking at this graph, three things become clear:

2017-2019 (heaven and gray lines) follow the exact same general pattern. These years were really normal in the housing market and their lines on the graph program normal, seasonal trends.

Starting in 2020, the data broke from the regular trend. The huge fall in 2020 (the orange line) signals when the pandemic hit and lots of sellers paused their strategies to move. 2021 (the green line) and 2022 (the red line) follow the normal trend a bit more, but still are unusual in their own ways.

This year (the black line) is truly special. The steep drop off in brand-new listings that usually occurs this time of year hasn’t happened. If 2023 followed the standard, the line representing this year would look more like the dotted black line. Rather, what’s happening is the number of brand-new listings is stabilizing. And, there are much more brand-new listings concerning the market this year compared to the same time last year.

What Does This Mean for You?

For purchasers, new listings supporting is a favorable indication. It indicates you have a more constant stream of choices coming onto the market and more choices for your next home than you would have at the very same time in 2015. This opens possibilities and permits you to explore a variety of homes that suit your requirements.

For sellers, while brand-new listings are breaking seasonal norms, inventory is still well below where it was before the pandemic. If you look again at the chart, you’ll see the black line for this year is still lower than normal, indicating stock isn’t going up significantly and rates aren’t heading for a crash. And with less competitors from other sellers than you ‘d see in a more normal year, your home has a much better opportunity to be in the spotlight and attract excited purchasers.

Bottom Line

Whether you \’re on the hunt for your next home or thinking of selling, now may just be the ideal time to make your move. If you have concerns or issues about the availability of homes in our city, let’s connect.