In December 2020, the housing market reached the lowest number of available homes since 1982, with only a 1.9-month supply. This comes as no surprise to buyers, who are feeling the emotional strain of endless house searches and bidding wars.
Housing inventory is a count of the homes currently being actively marketed. The availability of housing can also be measured by month's supply, or the number of months it would take at the current sales pace for the supply of housing to be exhausted.
The good news for buyers is that while inventory remains at historic lows, the market is showing signs of equalizing. Although inventory is still down overall from previous years, it has continued to grow month over month. Buyers can still capitalize on low mortgage rates but will need to be ready to act quickly in a competitive market.
For those who are considering a move in the coming months, don't wait to sell. Although the market still favors sellers, more opportunities for buyers will mean more competition for sellers.
The bottom line is, if you're ready to buy or sell now, a knowledgeable real estate broker can help you make the most of the current market. Give our experienced team at Harnish Properties a call to see how we can help you.
201 B Avenue, Suite 101
Downtown Lake Oswego