Yeah, yeah, yeah.....we've all heard it. When it comes to the housing market, there just isn't any inventory. When I got my license in 2014, I ran out of homes to show my first clients looking in the $300,000 range. My broker at the time said, yeah.......we've got an inventory shortage. At that time, the rate of sales (if no one else listed and we sold everything that was left and ran out of homes) was something like 4 months. Average I was told was a six month supply. I've never been in the business when you could just keep showing until you found one a client liked, though long-timers tell me it used to be like that, so I should be used to "waiting" for the perfect home to come along. I'm not, and somehow it's getting WORSE.
I have a new client shopping in the 300,000 range who sees homes she likes getting snatched up before she can even set up the showing. She wants to know is it really that competitive even in this price range? So I looked at at the recent numbers, and apparently even though we keep selling more houses year over year, we have less and less of them to sell.
It's not just a Wichita problem. On the annual Broker's Summit last week (via zoom), Real Trends Consultant Steve Murray gave us a number I could really wrap my head around. Nationwide, we typically have about 2.7 million homes for sale but right now there are only 1.4 million on the market. Ahhh, easy math.....almost half as many as normal.
Interesting note, everyone expects realtors to continue breaking records this year, but as Steve mentioned, how do the numbers add up? How can we sell more than are on the market? No one had an answer for that one.
Here in Wichita, South Central Kansas MLS just released January numbers, and sales are UP! We sold 702 units last month, up over the 592 we sold same time in 2020. Here's where it gets good. At the end of January, our MLS had 885 active listings left.....in 2020 we had almost twice that, 1,735. Okay, so how much longer before we run out of homes to sell?? At this rate, the end of the month. Yeah, we have little less than one months inventory of homes currently on the market. That means if you're looking to sell, demand is high. If you are looking to buy, you aren't alone. Spring Selling season could be wild. Just make sure you take that ride with a realtor you trust, you will need all the help all you can get. Don't have a realtor? Look me up, I'd love to show you how low this can go and still get you moved into your dream home.