Are There More Homes Available Now than There Were This Spring?

There Are More Homes Available Now than There Were This Spring | Simplifying The Market

There’s a lot of talk lately about how challenging it can be to find a home to buy. While housing inventory is still low, there are a few important things to understand about the supply of homes for sale as we move into the end of the year.

The Number of Homes for Sale Usually Peaks in the Fall

In the residential real estate market, trends generally follow a predictable and seasonal pattern. 2020 and 2021 have been an exception to this. Typically, the number of homes available for sale (or active monthly listings) peaks in the fall. But in a chapter where so little feels normal, the question becomes: should we expect a fall peak this year?

If we look at the NATIONAL active monthly listings for 2021 (shown in the chart below), we’ll see that the number of homes on the market has increased fairly steadily since spring this year. The realtor.com data shows we’re still seeing an increase in active inventory month-over-month (on a NATIONAL LEVEL.) While that gain is a bit smaller month-to-month (see August to September in the chart), September numbers are still up from the month prior.How does that compare to the Greater Grand Rapids Area and West Michigan?

The trends locally show we experienced LESS inventory through each month through September and now are we showing an uptick in listing here in October (4,531 houses for sale.)

This may mean that for the rest of fall we start to increase inventory over our local September numbers. 

While it’s impossible to say for certain what the future holds for housing inventory, we do know both buyers and sellers have opportunities this season based on the latest data.

What Does That Mean for You?

If you’re thinking of buying a home, rest assured there are options out there – good, solid housing options. That said, today’s market is still highly competitive. This isn’t the time to slow your search. It’s actually the season when the number of homes available for sale tends to peak. Focus on the additional options with renewed energy this season and be prepared for ongoing competition from other buyers.

If you’re considering selling your house, realize that while growing, inventory is still low. This remains a market in favor of sellers and selling now means you’ll be in a great position to negotiate with buyers – and competition among buyers is good news for your bottom line. Eager buyers will likely be motivated to act before the holidays, giving you the benefit of a fast sale.

Bottom Line

Whether you’re buying or selling, there’s still a chance to make your goals a reality this season. Let’s connect so we can discuss what’s going on with the local market and current trends and what they mean for you.


Source: Michigan Real Estate Updates

 

To see each month – drag the cursor over the line and see the inventory…

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