If you’ve been hearing that there are no homes available for sale, it’s time to take a closer look at the actual numbers. Despite hearing conversations about a housing shortage, the current data tells a different story. Let’s dive into the latest statistics and trends to get a clear picture of the housing inventory and what it means for buyers and sellers in today’s market.
The Reality of Housing Inventory
One of the most crucial aspects to understand is the current duration homes are staying on the market. According to recent data, the monthly inventory stands at approximately 2.3 months. This figure indicates that if no new homes were listed, it would take about 2.3 months for the existing inventory to be sold out. This slightly longer market duration suggests more opportunities for buyers to find their perfect home.
A Comparative Look: 2022 vs. Now
Examining the active residential listings from 2022 to the present, it’s clear that there are more homes available now. The numbers reveal that the inventory has nearly doubled, with over 5,000 homes currently on the market. Contrary to popular belief, there is a substantial increase in available homes, providing more choices for prospective buyers.
The Impact of Pending Sales
While there are more homes available, it’s important to note that pending sales have decreased. This decline means homes are staying on the market longer, correlating with the increased monthly inventory. The graph highlights a significant drop in pending sales around June 2022, coinciding with a sharp rise in interest rates, which had a profound effect on the market.
National Trends and Local Alignment
Interestingly, our local market trends align closely with national patterns. Across the country, there’s been a 35% increase in inventory, reflecting a broader trend we’re experiencing here. This alignment reinforces that our market is not an anomaly but part of a larger, national real estate movement.
A Sweet Spot for Buyers
As we move into the summer months, particularly from June to mid-fall, we enter a prime time for buyers. This period typically sees less competition, making it an ideal opportunity to explore the market and find great deals. Whether you’re considering purchasing a home or just curious about market dynamics, now is an excellent time to act.
Your Trusted Real Estate Partners
Navigating the real estate market with confidence is essential. With more homes available and favorable conditions for buyers, now is the perfect time to find your dream home. Don’t hesitate to reach out with any questions or to start your home-buying journey.