The real estate market today, quite simply, has more buyers than sellers.
Let’s be clear, this is not the heated market of 2021 and 2022.
However, the market is undersupplied in most price ranges and most locations.
The National Association of Realtors just reported that the number of new listings hitting the market each week has been lower than the same time the previous year for 40 weeks in a row.
There are roughly 20% fewer new listings hitting the market each week versus last year.
The result of low inventory is homes selling quickly in many cases.
Altos Research reports that of the 73,000 listings that have come on the market so far this week Nationally, 25% of those are already under contract- selling within days, if not hours.
Bottom line, the market needs more listings.