![]() It's going to depend on what neighborhood you're in, but we expect it to be more common this year that you won't be the only listing." " you might have been the only listing in your neighborhood, and you could put your home up at a certain list price and you would likely see multiple offers at or above that list price. Before this reversal, inventory levels had fallen for 36 consecutive months when compared to the year before.ĭanielle Hale, ’s Chief Economist, gave some insight into why bidding wars are less common on a local level this year, The chart below shows the year-over-year change in inventory over the last 12 months.Īs you can see, the number of homes for sale has started to build over the last eight months. Even though the month’s supply number is not increasing, the number of homes for sale is. ![]() One reason for the decline is an influx of homes being listed for sale. Good News for BuyersĪ recent report shows that the percentage of houses sold including a bidding war before settling on a final price decreased from 53% in January of 2018 to 13% this year. According to NAR, the housing market hasn’t had a 6-month supply of homes for sale since August 2012. Any supply number under a 6-month supply is considered a seller’s market. With the current number of houses listed for sale and the level of demand from buyers, this means it would take 3.7 months for all the homes listed to sell if no additional listings came to market. Here in Idaho, we are trending less than a month worth of inventory in many price points. Some have been out-bid multiple times before finally winning a bid on a home to call their own.Īccording to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.7-month supply of homes for sale. In some areas of the country, first-time buyers have been met with fierce competition throughout their experience. This makes sense! A seller’s market is defined as a market in which the inventory of homes for sale cannot satisfy the number of buyers who want to purchase a home.Īccording to the Cambridge English Dictionary , bidding wars occur when two or more parties repeatedly outbid each other as they compete to purchase something- in this case, a home. More details are available at the source's Real Estate Data Library.In a strong seller’s market, like the one we have experienced over the past few years here in the Boise, Idaho areas, bidding wars are common and expected. However, future data releases, including historical data, will consistently apply the new methodology. As a result of these changes, the data released since December 2021 will not be directly comparable with previous data releases (files downloaded before December 2021) and ® economics blog posts. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. The methodology has also been adjusted to better account for missing data in some fields including square footage. The new methodology uses the latest and most accurate data mapping of listing statuses to yield a cleaner and more consistent measurement of active listings at both the national and local level. With the release of its November 2021 housing trends report, ® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. More details are available at the source's Real Estate Data Library. ![]() As a result of these changes, the data released since October 2022 will not be directly comparable with previous data releases (files downloaded before October 2022) and ® economics blog posts. The new methodology updates and improves the calculation of time on market and improves handling of duplicate listings. With the release of its September 2022 housing trends report, ® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The count of new listings added to the market in a given geography during the month. ![]()
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