As a real estate professional, it is important to understand the correlation between various metrics in the housing market to make informed decisions as a buyer or seller.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.91. This metric indicates how long it would take for all the homes on the market to be sold at the current pace of sales. A lower number typically means a seller’s market, while a higher number indicates a buyer’s market. In this case, a Months Supply of Inventory of 3.91 suggests a balanced market where there is relatively equal competition between buyers and sellers.
The 12-Month Change in Months of Inventory is +10.45%, indicating that the supply of homes on the market has increased over the past year. This could be due to a variety of factors such as an increase in new construction or a decrease in buyer demand.
The Median Days Homes are On the Market is 61, which shows the average amount of time it takes for a home to sell. A lower number typically indicates a faster-moving market, while a higher number suggests a slower market. In this case, 61 days is relatively average and indicates a healthy level of buyer interest.
The Sold to List Price Percentage is 97%, which means that homes are selling for approximately 97% of their list price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
Finally, the Median Sold Price is $550,000, which represents the middle value of all homes sold in the market. This metric gives an indication of the overall pricing trend in the market and can be used as a benchmark for both buyers and sellers.
In summary, the current real estate market shows a balanced supply of inventory, with homes selling relatively quickly and at close to asking price. This data suggests that now may be a good time for both buyers and sellers to enter the market. Buyers can take advantage of competitive pricing and a healthy level of inventory, while sellers can expect to receive strong offers and a relatively quick sale.
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.
