Are you in the market to buy or sell a house? If so, you must stay informed about the current supply of homes in your area. In this article, we’ll provide an update on the current inventory of homes for sale and its implications for buyers and sellers.
Historically, there has been a shortage of houses for sale, making it challenging for buyers to find suitable properties. However, recent national data from Realtor.com suggests that there has been a slight increase in housing supply in many parts of the country. Last month, the country’s housing supply rose by 5%.
While this news might seem promising for potential buyers, it’s important to note that the current inventory remains significantly lower than typical levels. The graph below illustrates the present active listing counts in comparison to the most recent “normal” years in the housing market (2017-2019). As you can see, there is still a long way to go before inventory levels return to normal.
It’s crucial to remember that the housing market is highly local, and therefore, a trusted real estate agent is vital to get an accurate assessment of your specific market. If you’re looking to buy a home, your agent can provide a more comprehensive understanding of the inventory situation and offer essential strategies that other buyers have successfully used to navigate the low housing supply.
📊 Here’s a Market Snapshot:
📅 Date: October 2023
📍 Location: Las Vegas, Nevada
📈 Housing market is on the move! Here’s a snapshot of the latest market trends:
✅ Currently, we have a low 2.25 Months Supply of Inventory, indicating a competitive market for buyers. It’s crucial to act swiftly to secure your dream home in this fast-paced market.
📉 Over the last 12 months, the Months Supply of Inventory has decreased by 39.35%. This reduction shows a trend towards limited inventory, leading to increased demand and potentially higher home prices.
💲 Looking at the numbers, the List to Sold Price percentage stands at an impressive 98.6%. This indicates that sellers are receiving strong offers close to their asking prices, making it an advantageous time to sell your property.
⏰ Homes are not staying on the market for long! The median days on market is just 18 days. If you’re considering selling, this statistic highlights the desirability of Las Vegas properties and the potential for a quick sale.
📈The median Sold Price for homes in Las Vegas currently stands at $405,000. This figure showcases the value and growth potential of properties in our vibrant city.
For sellers, the rise in housing inventory should not discourage you. Despite the slight increase in the national inventory, available homes on the market remain significantly lower than usual, and some areas may have an even lower supply. A skilled agent can offer essential tactics to help you sell your property effectively in this competitive market.
Keeping up to date on the latest real estate market trends is essential whether you’re looking to purchase or sell a home. Don’t hesitate to reach out to our experts for guidance in navigating the continuously evolving world of real estate.
As your trusted REALTOR® I am here to guide you through the ever-changing market conditions and help you make informed decisions. Whether you’re buying or selling, don’t hesitate to reach out for personalized advice tailored to your unique situation! 🤝
Email me directly at: [email protected]