If you \’re thinking about moving, it \’s essential to know what \’s occurring in the housing market. Here \’s an upgrade on the supply of homes currently for sale. Whether you \’re buying or offering, the variety of homes in your area is something you ought to take note of.
In the real estate market, there are regular patterns that occur every year, called seasonality. Spring is the peak homebuying season and also when the most homes are normally listed for sale (homes coming onto the market are understood in the market as new listings). In the 2nd half of each year, the variety of brand-new listings normally decreases as the speed of sales decreases.
The graph listed below uses data from Realtor.com to provide a visual of this seasonality. It demonstrates how this year (the black line) is breaking from the norm (see chart below):
Looking at this chart, 3 things become clear:
2017-2019 (the blue and gray lines) follow the exact same general pattern. These years were very typical in the real estate market and their lines on the graph program regular, seasonal trends.
Starting in 2020, the information broke from the regular pattern. The big drop down in 2020 (the orange line) signals when the pandemic hit and many sellers paused their strategies to move. 2021 (the green line) and 2022 (the red line) follow the regular pattern a bit more, but still are abnormal in their own methods.
This year (the black line) is genuinely distinct. The high drop off in new listings that usually occurs this time of year hasn’t happened. If 2023 followed the norm, the line representing this year would look more like the dotted black line. Instead, what’s happening is the number of brand-new listings is supporting. And, there are a lot more brand-new listings coming to the marketplace this year compared to the same time in 2015.
What Does This Mean for You?
For buyers, brand-new listings stabilizing is a positive indication. It means you have a more consistent stream of choices coming onto the marketplace and more choices for your next home than you would have at the very same time last year. This opens up possibilities and enables you to check out a range of homes that fit your needs.
For sellers, while brand-new listings are breaking seasonal standards, stock is still well listed below where it was before the pandemic. If you look once again at the graph, you’ll see the black line for this year is still lower than typical, suggesting stock isn’t going up significantly and costs aren’t heading for a crash. And with less competition from other sellers than you ‘d see in a more typical year, your home has a much better chance to be in the spotlight and attract excited buyers.
Bottom Line
Whether you \’re on the hunt for your next home or thinking about selling, now may simply be the best time to make your move. If you have concerns or issues about the accessibility of homes in our area, let’s connect.
