Housing Market - Low Inventory

Dori Wittrig August 11, 2023

Wondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few homes there are for sale today housing market.
You may have heard inventory is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. This graph from Calculated Risk can help put that into perspective:
As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10% – and it was already considered low at that time. But, if you look further back, you’ll see inventory is down even more significantly.
To gauge just how far off from normal today’s inventory is, let’s compare right now to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, supply is about 50% lower. That means there are half the homes for sale now than there’d usually be.

What is happening in Fountain Hills

Locally in Fountain Hills, we are seeing the same trends as inventory declines. Last November listings were just under 200. As July wrapped up Fountain Hills sits with just 122 listings for sale. Winter visitors will soon be returning and shopping for homes putting more pressure on the housing market.
ARMLS July 23 Market Summary
The key takeaway? We’re still nowhere near what’s considered a balanced market. There’s plenty of demand for your house because there just aren’t enough homes to go around. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
So, if you want to list your house, know that there’s only about half the inventory there’d usually be in a more normal year. That means your house will be in the spotlight if you sell now and you may see multiple offers and a fast home sale. 

Bottom Line

With the number of homes for sale roughly half of what there’d usually be in a more normal year, you can rest assured there’s demand for your house. As the heat of the Summer will soon subside the demand will surely grow locally in the next few months. Placing even more pressure on the low inventory in Fountain Hills. If you want to sell, let’s connect now so your house can shine above the rest while inventory is so low.

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