If you’re thinking about moving, it’s crucial to understand what’s taking place in the housing market. Here \’s an upgrade on the supply of homes currently for sale. Whether you’re buying or selling, the number of homes in your area is something you should pay attention to.

In the housing market, there are regular patterns that occur every year, called seasonality. Spring is the peak homebuying season and also when most homes are usually noted for sale (homes coming onto the market are understood in the market as brand-new listings). In the second half of each year, the variety of brand-new listings typically decreases as the rate of sales decreases.

The graph below usages information from Realtor.com to offer a visual of this seasonality. It shows how this year (the black line) is breaking from the norm (see graph listed below):

Looking at this graph, three things become clear:

2017-2019 (the blue and gray lines) follow the very same basic pattern. These years were very normal in the real estate market and their lines on the chart show regular, seasonal patterns.

Starting in 2020, the data broke from the regular pattern. The big fall in 2020 (the orange line) signals when the pandemic hit and numerous sellers paused their plans to move. 2021 (the green line) and 2022 (the red line) follow the regular pattern a bit more, however still are irregular in their own methods.

This year (the black line) is truly special. The steep drop off in brand-new listings that typically occurs this time of year hasn’t taken place. If 2023 followed the norm, the line representing this year would look more like the dotted black line. Instead, what’s occurring is the variety of brand-new listings is supporting. And, there are much more brand-new listings coming to the market this year compared to the same time last year.

What Does This Mean for You?

For purchasers, brand-new listings supporting is a positive sign. It means you have a more constant stream of choices coming onto the marketplace and more choices for your next home than you would have at the very same time in 2015. This opens possibilities and enables you to check out a variety of homes that match your needs.

For sellers, while new listings are breaking seasonal standards, inventory is still well below where it was before the pandemic. If you look once again at the chart, you’ll see the black line for this year is still lower than normal, implying inventory isn’t increasing drastically 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 better chance to be in the spotlight and attract eager purchasers.

Bottom Line

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