As a real estate professional, it is important to understand the correlation between key metrics in the housing market to provide valuable insights for both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.63. This metric indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory is +5.22%, showing an increase in inventory over the past year. This may indicate a shift towards a more balanced market or even a buyer’s market, providing more options for buyers.
The Median Days Homes are On the Market is 70, suggesting that homes are selling relatively quickly in this market. This may be due to high demand or competitive pricing strategies by sellers.
The Sold to List Price Percentage is 96.4%, indicating that homes are typically selling for close to their list price. This suggests a strong market where sellers are able to negotiate favorable terms.
Lastly, the Median Sold Price is $550,000, giving buyers and sellers a benchmark for pricing their properties. This figure reflects the average selling price in the market, providing insight into overall market trends.
In conclusion, these metrics paint a picture of a dynamic real estate market with moderate inventory levels, quick sales, and strong pricing. Buyers may find a variety of options to choose from, while sellers may benefit from competitive pricing and quick sales. It is essential for both parties to stay informed on these metrics to make informed decisions in the real estate 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.
