Let’s break down the real estate metrics to understand how they correlate and what they mean for buyers and sellers in the current market.
First, we have the Months Supply of Inventory at 7.2. This metric tells us how long it would take to sell all the current homes on the market at the current sales pace. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market. In this case, 7.2 months supply suggests a balanced market where neither buyers nor sellers have a significant advantage.
Next, we have the 12-Month Change in Months of Inventory at +8.93%. This shows us that the inventory of homes for sale has increased by almost 9% over the past year. A rising inventory can indicate a shift towards a buyer’s market, as there are more options for buyers to choose from.
The Median Days Homes are On the Market is 61. This metric tells us how long it takes for a home to sell once it’s listed. A lower number suggests a fast-moving market, while a higher number indicates slower sales. With homes selling in around two months, it’s a relatively balanced market where neither buyers nor sellers have a significant advantage.
The List to Sold Price Percentage is 95.8%. This shows us that homes are generally selling for about 95.8% of their listing price. A higher percentage indicates a strong seller’s market where homes are selling close to or above asking price.
Lastly, the Median Sold Price is $570,000. This gives us an idea of the average selling price of homes in the market. Knowing the median sold price can help buyers and sellers understand the overall value of properties in the area.
In summary, the real estate metrics suggest a balanced market with a slight shift towards a buyer’s market due to the increasing inventory. Homes are selling at a good pace, with prices close to the listing price. Buyers may have more options to choose from, while sellers may need to be competitive with their pricing. Keeping an eye on these metrics can help buyers and sellers make informed decisions in the current 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.
