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 Las Vegas REALTORS® (LVR) 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):
We had more homes available for sale in Las Vegas than we had the previous month and the previous year. By the end of April, LVR reported 2,441 single-family homes listed for sale without any sort of offer. That’s up 33.6% from the same time last year. However, the 508 condos and townhomes listed without offers in April represent a 2.1% decrease from one year earlier. LVR reported a total of 3,777 existing local homes, condos and townhomes sold in April. Compared to one year earlier, sales were down 14.9% for homes and down 24.2% for condos and townhomes. Even with the increased inventory, April’s sales pace equates to less than a one-month supply of properties available for sale.
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.
Las Vegas homes have been selling faster this year than previous years. In April, 94.0% of all existing local homes and 96.1% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 89.2% of all existing local homes and 86.3% of all existing local condos and townhomes sold within 60 days.
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.