Are There More Homes Coming to the Market?
According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s housing market is finding a home that meets their needs. That’s largely because the inventory of homes for sale is so low today.
If you’re looking to buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your home search.
Early Signs Inventory May Be Growing
The latest data from realtor.com shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the start of the year (see graph below):
This indicates more sellers are listing their homes for sale each month this year. And according to realtor.com, this growth is expected to continue. Their research finds the majority of potential sellers plan to list their homes over the next six months. Realtor.com says:
“. . . markets may see a noticeable bump in the number of homes for sale as we move through spring and into summer. A majority of homeowners planning to sell this year indicated that they aim to list in the next six months, with almost 10% having already placed their properties on the market.”
Homes Are Still Selling Quickly
But while new listings are increasing, it’s important to know they’re also selling quickly. The latest Realtors Confidence Index from NAR shows the median days on market for recently sold homes since the beginning of the year (see chart below). The time on market has decreased month-over-month. That means homes are selling even faster than they did the previous month.
What That Means for You
While a low-inventory market is difficult to navigate as a buyer, there is hope. The growing number of new listings and the expectation more sellers will list their homes in the coming months is great news if you’ve had a hard time finding a home that fits your needs. Just remember, those new listings are going fast. That means you’ll want to keep your foot on the gas and be ready to act if you find a home you love this season.
Your agent can help you stay on top of the latest listings in your area so you can find the home that’s right for you and submit your strongest offer as quickly as possible.
If you’ve been having a hard time finding your dream home, stick with your search. More options are coming to market and your ideal home could be one of them. Let’s connect so you can stay up to date on the latest listings in our market, so you can be ready to move fast when you find the one that’s right for you.
LANE COUNTY Residential Highlights
New listings (490) decreased 6.3% from the 523 listed in April 2021, and decreased 7.5% from the 530 listed in March 2022.
Pending sales (453) decreased 0.9% from the 457 offers accepted in April 2021, and decreased 3.8% from the 471 offers accepted in March 2022.
Closed sales (411) increased 11.1% from the 370 closings in April 2021, and increased 1.2% from the 406 closings in March 2022.
LANE COUNTY Inventory and Market Time
Inventory held steady at 0.7 months in April. Total market time decreased to 25 days.
LANE COUNTY Year-To-Date Summary
Comparing the first four months of 2022 to the same period in 2021, new listings (1,804) increased 5.2%, pending sales (1,612) increased 3.3%, and closed sales (1,389) increased 2.9%.
LANE COUNTY Average and Median Sale Prices AS OF MAY 2022
Comparing 2022 to 2021 through April, the average sale price has increased 17.6% from $398,800 to $469,000. In the same comparison, the median sale price has increased 15.7% from $369,000 to $427,000.