When looking at these real estate metrics, we can see a correlation between the supply of inventory and the market activity.
The Months Supply of Inventory is 5.04, which means that at the current sales pace, it would take approximately 5.04 months to sell all the homes on the market. This indicates a balanced market where neither buyers nor sellers have a significant advantage.
The 12-Month Change in Months of Inventory is +12%, showing an increase in inventory over the past year. This could suggest that there are more homes available for sale, which may lead to more options for buyers.
The Median Days Homes are On the Market is 40, which means that on average, homes are selling relatively quickly. This could be due to high demand from buyers or well-priced properties.
The List to Sold Price Percentage is 95.6%, indicating that homes are typically selling very close to their listing price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $616,600, showing the typical price that homes are selling for in the market. This can give both buyers and sellers an idea of the current market value of properties.
Overall, these metrics suggest a relatively active market with balanced supply and demand, homes selling quickly, and prices close to listing prices. Buyers and sellers can use this information to make informed decisions in the real estate 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.
