Let’s break down the real estate metrics to understand how they correlate with each other.
First, let’s look at the Months Supply of Inventory, which is currently at 2.69. This metric represents how long it would take for all the current homes on the market to sell at the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, while a higher number signifies a buyer’s market.
The 12-Month Change in Months of Inventory is +2.28%, showing an increase in the supply of homes over the past year. This could indicate a shift towards a more balanced market or even a buyer’s market if the trend continues.
The Median Days Homes are On the Market is 62, which is a moderate amount of time for homes to sell. A lower number suggests a quick turnover rate, while a higher number could mean homes are staying on the market longer.
The List to Sold Price Percentage is 96.6%, indicating that homes are typically selling close to their asking price. This could be a positive sign for sellers as it shows strong buyer interest and competition.
Lastly, the Median Sold Price is $534,500, which gives us an idea of the average price of homes selling in the market. This could influence both buyers and sellers in terms of setting realistic expectations for pricing.
Overall, these metrics suggest a market that is relatively balanced with a slight increase in inventory. Sellers may still have an advantage with homes selling close to asking price, but buyers may have more options to choose from. It’s important for both buyers and sellers to stay informed and work with a knowledgeable real estate agent to navigate the current market conditions effectively.
If you would like to know more about what is happening in your particular area, let’s schedule some time to speak. Each market is different and there are micro markets that may provide additional insight. I look forward to discussing what is going on with your area.
