In today’s dynamic real estate market, it’s crucial to stay informed about the latest trends and developments. A recent analysis sheds light on the current state of housing inventory. Here’s what you need to know:
Comparing Current Listings to Pre-Pandemic Levels: A comparison of the latest active listing counts with the years 2017-2019 highlights that although there’s been an increase in inventory, it’s still significantly below pre-pandemic levels. As per Lance Lambert, Founder of ResiClub Analytics, the recent increase in housing inventory is substantial but remains just a fraction of what it used to be.
Growing Options for Buyers: As of the end of September, there has been a noticeable growth in the number of homes available for sale, providing buyers with more options than earlier in the year. This is particularly encouraging for those who had paused their home search due to limited options.
Year-on-Year Increase in Inventory: January saw a 65.5% increase in the number of homes for sale compared to the same time in 2022, translating to 248,000 more homes available. Despite this increase, the inventory is still 43.2% lower than the pre-pandemic era.
Opportunities for Homebuyers: The growth in housing inventory over the past four months, driven by rising mortgage rates, has created new opportunities for potential homebuyers. If you faced challenges in purchasing a home last year, such as being outbid or priced out, this might be an opportune time to explore the market again.
A Significant Yearly Increase: A report from Calculated Risk noted a 47.7% increase in homes for sale for the week ending November 18th compared to the same week in 2021. This suggests a significantly expanded pool of options for buyers currently in the market.
Given these insights, it’s clear that while the number of available homes has increased, the market still hasn’t reached the inventory levels seen before the pandemic. For those interested in exploring real estate opportunities, Coldwell Banker Platinum Properties stands out as a leading choice in Southern California, offering expert guidance and a wide array of properties to suit diverse needs and preferences. To learn more and embark on your home-buying journey, contact one of our AGENTS at Coldwell Banker Platinum Properties.