Let’s break down these real estate metrics and see how they correlate with each other.
First, let’s look at the Months Supply of Inventory, which is currently at 2.66. This number represents how long it would take to sell all the homes on the market if no new listings were added. A lower number indicates a seller’s market, where there is high demand and low supply.
Next, we have the 12-Month Change in Months of Inventory, which is showing an increase of 17.18%. This means that there has been a significant increase in the number of homes available for sale over the past year, which could indicate a shift towards a more balanced market.
The Median Days Homes are On the Market is 48, indicating that homes are selling relatively quickly in this market. This could be due to high demand or competitive pricing.
The List to Sold Price Percentage is at 98.1%, showing that homes are typically selling close to their listing price. This could be a sign of a competitive market where sellers are pricing their homes accurately.
Lastly, the Median Sold Price is $370,250, giving us an idea of the overall price range of homes being sold in this market.
Overall, these metrics suggest that this real estate market is currently experiencing a balanced supply and demand, with homes selling quickly at close to the listing price. Buyers and sellers should pay attention to these trends when making decisions in this market.
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.
