According to Redfin, there were fewer homes for sale in May than any other month…ever.
- The number of homes for sale in the US experienced its first decline since April 2022, falling 7.1% YoY in May.
- Compared to pre-pandemic levels (May 2019), there are 38.6% fewer homes for sale.
- Home prices are also declining by less: the median sale price was down 3.1% YoY in May compared to April’s 4.2% drop.
This article from Grit Capital goes into further detail.
So what does this mean?
Well, as a Realtor who interacts with this market every single day I can say that it’s getting a little rough out there for buyers. I’m working with several clients who are getting bid out due to fewer homes for sale, (or low inventory), and higher competition. Some home’s have been receiving more than 10 offers in the first round.
Is it a good time to sell?
Let’s call a spade a spade- or we can call it supply and demand. The demand is here. This means the supply will have more earning potential if it continues to be low. We’re seeing a statistic adjustment period where homes selling a bit lower but we expect this summer to be chock full of record breaking sales.
It might be time to call your realtor…
This blog post was created by Todd Pivetti, one of Los Angeles’ top Real Estate Agents with The Shelhamer Real Estate Group. Todd is a longtime resident of North East LA, (Los Feliz), and he’s unabashedly obsessed with all things East Side. When he’s not writing blog posts or selling homes he’s volunteering at the LGBT Center or looking for the best new thrift stores.
If you have questions about this blog, or have any Real Estate needs – don’t be shy, say Hi!
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