In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. In Wake County, July’s resale inventory level was 1.5 months supply, down a noteworthy 40% from July 2019. A balanced market is considered an inventory supply level of around 6 months.
Now however, nationally and here in the Triangle, we’re seeing sellers slowly ease back into the market, a bright spark for potential buyers. In July, Wake County saw new listings increase 9.3% over July 2019. According to Javier
“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay.”
Houses today are also selling faster than they’re coming to market. The Wake County Days on Market (DOM) for July was 23 days, down 4.2% from July 2019. That’s why we only have inventory for 1.5 months at the current sales pace, when in reality we need inventory for 6 months to keep up with demand. But, as noted previously, sellers are starting to return to the market. Realtor.com explains:
“The big milestone in new listings growth comes as seller sentiment continues to build momentum. The temporary boost in new listings comes as the summer season replaces the typical spring home-buying season. More homes are entering the market than typical for this time of the year.”
Why is this good for sellers?
A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.
Why is this good for buyers?
It can be challenging to find a home in today’s low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.
Bottom Line
While we still have a ways to go to catch up with the current demand, inventory is slowly starting to return to the market. If you’re thinking of moving this year, contact me today to better understand what’s happening in your neighborhood and our local market. You’ll want to be ready to make your move when you find the home of your dreams.
Mobile: 919-675-5366
E-Mail: Jean.Scott@kw.com
Two Locations to Better Serve You:
Raleigh: 4700 Homewood Ct., Suite 200, Raleigh, NC 27609
Wake Forest: 1744 Heritage Center Dr., Suite 201, Wake Forest, NC 27587
