Let’s break down these real estate metrics to understand how they are correlated.
First, let’s look at the Months Supply of Inventory, which is currently at 3.21. This number represents how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number indicates a seller’s market, where demand exceeds supply.
Next, the 12-Month Change in Months of Inventory is -19.55%. This means that there has been a significant decrease in the amount of time it would take to sell all the homes on the market compared to a year ago. This decrease indicates a tightening of the market and potentially increasing competition among buyers.
The Median Days Homes are On the Market is 85, which tells us how long it takes, on average, for a home to sell once it is listed. A lower number indicates a faster-moving market, where homes are selling quickly.
The List to Sold Price Percentage is 97.3%, which means that, on average, homes are selling for 97.3% of their listed price. A higher percentage indicates that sellers are getting close to their asking price, which can be a positive sign for sellers.
Lastly, the Median Sold Price is $331,000, which represents the middle price point of all the homes sold in the market. This number gives us an idea of the overall pricing trends in the area.
Overall, these metrics suggest that the real estate market is currently favoring sellers, with low inventory, quick sales, and homes selling close to their asking price. Buyers should be prepared to act quickly and potentially pay close to the listed price, while sellers may find themselves in a strong position to sell their homes at a good price.
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.
