We have started 2021 with low inventory levels, with available supply falling short of accelerating buyer demand, new research has revealed.
With the housing market on a rising trajectory, buyers who sat on their hands in 2020 are now entering the market, eager to make up for lost time. As a result, existing housing supply has been impacted by a strong rate of absorption from rising home buyer activity, creating a seller’s market.
CoreLogic estimates that the number of national home sales over the past three months has surpassed the previous year’s figures by 24%. The volume of regional home sales is up 27%, while capital city sales are up 22%.
In contrast, the number of fresh listings added to the market nationally over the four weeks ending 24 January was 3.3% lower than last year and 13% below the five-year average.
Nationally, total listing numbers, which include new listings plus re-listed properties, were 28% lower than this time last year, tracking 2% below the five- year average.