2021 continues with more crazy days of extremely low inventory of homes for sale, making every listing more valuable than ever to residential real estate agents. According to the recently released National Association of REALTORS® (NAR) report, housing inventory fell to a record low of 1.04 million properties on the market, which is down 25.7% year-over-year. This is a record one-month decline and a record-setting low level of inventory since 1982, when NAR started tracking the data.
Another indicator is Months’ Supply, which refers to the number of months it would take for the current inventory of homes on the market to sell, given the current sales pace. At the end of January 2021, the Months’ Supply was at a record low level of 1.9 months compared to 3.1 months at the end of January 2020. With this record low inventory, real estate agents are seeing multiple offers and higher sales prices on their listings.
In this world of limited inventory, real estate agents realize that marketing yourself to get more listings is the key to success. Once a listing is secured during this red-hot market, it is almost guaranteed income in the not-too-distant future. In fact, NAR reports that the average number of days a property was on the market before it went into contract was only 21 for the month of January.
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Source: National Association of REALTORS®