Let’s take a closer look at how these real estate metrics are correlated and what they mean for both buyers and sellers in the current market.
First, let’s start with the Months Supply of Inventory, which is 4.5. This metric represents how long it would take for all the current homes on the market to be sold, given the current pace of sales. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
Next, we have the 12-Month Change in Months of Inventory, which is -3.85%. This shows that the supply of homes on the market has decreased over the past year, indicating a more competitive market for buyers.
The Median Days Homes are On the Market is 70, which means that on average, 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 94%, indicating that homes are generally selling close to their listing price. This could mean that sellers are pricing their homes accurately or that there is strong competition among buyers.
Finally, the Median Sold Price is $1,275,000. This is the midpoint of all the prices at which homes have sold in the market. It gives buyers and sellers an idea of the general price range in the area.
Overall, these metrics suggest that it is currently a competitive market with relatively low inventory and quick sales. Sellers may benefit from pricing their homes competitively, while buyers may need to act fast and be prepared to make strong offers. It’s always a good idea to work with a real estate professional who can help navigate these market conditions and guide you through the buying or selling process.
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.
