Let’s break down these real estate metrics to better understand how they correlate with each other.
First, the Months Supply of Inventory is 5.39, which means that at the current rate of sales, it would take approximately 5.39 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 +5.48%, showing that inventory levels have increased slightly over the past year. This could suggest a shift towards a more buyer-friendly market as more options become available.
The Median Days Homes are On the Market is 56, which is a relatively quick turnaround time for homes to sell. This could indicate strong demand in the market and competitive pricing.
The List to Sold Price Percentage is 97%, meaning that on average, homes are selling for 97% of their listing price. This suggests that sellers may need to be open to negotiating with buyers to close a deal.
Finally, the Median Sold Price is $565,000, indicating the typical price at which homes are selling in the market. This can give both buyers and sellers a benchmark for pricing their properties.
Overall, these metrics paint a picture of a market with moderate inventory levels, quick sales times, and a fairly strong list to sold price ratio. Buyers may have more options to choose from, while sellers may need to be strategic in pricing their homes to attract buyers. It’s important for both parties to stay informed and work closely with a real estate professional to navigate the current market conditions effectively.
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.
