Record home prices seem to be spurring more listings.
As reported in this article by NAR, home prices are still on the rise, and it seems to be pushing more people to sell. What’s the data say?
What The Data Says
According to the data presented in the article, listings nationally are up 5.5% YOY and 10.9% MOM. NAR contends that this is likely being impacted by the fact that homes are still increasing in price to record levels (though this is beginning to slow). Despite the increase in new listings, there is still a 43% decrease in inventory compared to last year.
Homes also continue to sell quickly. The report cites a national average listing time of 37 days; that is 21 days shorter than the average time on market before the pandemic. Some metro areas are even seeing sustained averages of just a couple of weeks.
Make The Most Of Your Time
Hopefully new inventory will continue to be added at an accelerating pace, but until supply normalizes, it is important to make the most of the short amount of time that you can expect your listing to be on the market.
Using professional real estate photography, property tour videos, drone photography, or Matterport 3D Tours can help to attract more buyers more quickly to your listing. Increasing buyer traffic during the short period you can expect the listing to be on the market will help to ensure that your clients get the best possible deal on their sale.
Source: https://magazine.realtor/daily-news/2021/07/02/lift-in-listings-as-home-prices-shatter-records
