Let’s dive into some key real estate metrics that can give us a clear picture of the current market trends.
First, let’s look at the Months Supply of Inventory, which is at 2.89. This number tells us how many months it would take to sell all the current inventory of homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply.
Next, the 12-Month Change in Months of Inventory is showing a decrease of 17.43%. This means that the market has become more competitive over the past year, with inventory levels dropping significantly.
Moving on to the Median Days Homes are On the Market, which is 67. This metric shows us how long it takes for a home to sell once it’s listed. A lower number suggests a faster-moving market, where homes are selling quickly.
The List to Sold Price Percentage is at 98.4%, indicating that homes are typically selling very close to their listing price. This can be good news for sellers, as it shows strong demand and competitive pricing.
Finally, the Median Sold Price stands at $370,995. This is the middle point of all the homes sold, with half selling for more and half for less. It gives us a good indication of the overall market value in the area.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, quick sales, and strong prices. This information can be valuable for both buyers and sellers in making informed decisions in the current market conditions.
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. My team and I at Uncommon Realty are here to help you. I look forward to discussing what is going on with your area.
