We’re in a Sellers’ Market. What Does That Mean?
Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house?
It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):
What Does This Mean for You?
When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if buyers know they’re not the only one interested in a home, they’re going to do their best to submit a very attractive offer. As this happens, sellers are positioned to negotiate deals that meet their ideal terms. Lawrence Yun, Chief Economist at NAR, says:
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
Right now, there are still buyers who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the right price, it could get a lot of attention from competitive buyers.
Total inventory DECREASES for the first time this year to 9,346.
March Statistics:
Median Days on Market for
Lee County: 20 days
Collier County: 26 Days
Months' Supply for
Lee County: 3.3
Collier County: 3.9
End of March, the Median Sales Price increased for both Lee County and Collier Counties month over month.
Lee County: $405,000 (February 2023 $400,000)
Year Over Year +5.2%
Collier County: $652,000 (February 2023 $612,450)
Year Over Year +8.7%
Single Family, Townhouse, Condo
Bottom Line
Today’s sellers’ market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious, competitive buyers. Let’s connect to discuss how to jumpstart the selling process.
Serving Southwest Florida. Naples, Bonita Springs, Estero, Cape Coral, Fort Myers, Fort Myers Beach, Sanibel Island, and Tampa Bay.
