Inventory has seen modest gains according to current data.
In an article recently published by NAR, they analyze June listing numbers in order to draw conclusions about forces affecting the market overall, and they contend that the desire to capitalize on high sale prices are driving an increase in inventory. What’s the data say about what's going on?
The Data
NAR reports a year-over-year national decrease in inventory of 43%, but there are signs that inventory may be on the way to bouncing back. According to their data, nationally June saw a YOY rise of 5.5% and a MOM rise of 10.9%.
Time on market is also still far below pre-pandemic norms as well. Richmond, for example, has a median days on market time that is a full 20 days lower this year than last.
Maximize Your Impact
Though the market is moving fast, it is still important to maximize the buyer traffic that your listing will receive. Because people know how competitive the market is, they are willing to make offers much more quickly than in the past, and this means that the density of buyer traffic at the outset of your listing’s market time is especially important.
A great way to ensure that you are attracting the largest possible number of buyers upfront is to utilize professional real estate photography, walkthrough videos, drone photography, and Matterport 3D Tours. These tools are proven to attract more buyers, and they will help you make sure you get the best possible deal for your clients in the short window of time the listing will likely be on the market.
Source: https://magazine.realtor/daily-news/2021/07/02/lift-in-listings-as-home-prices-shatter-records
