As we analyze the real estate metrics provided, we can see a correlation between them that can provide valuable insights for both buyers and sellers in the current market.
The Months Supply of Inventory is 5.41, indicating that it would take approximately 5.41 months to sell all the current inventory at the current sales pace. This number is important for buyers as it gives an idea of the level of competition they may face in finding a home.
The 12-Month Change in Months of Inventory is +48.22%, showing a significant increase in the amount of inventory available compared to the previous year. This increase could potentially give buyers more options to choose from and potentially lead to more negotiating power.
The Median Days Homes are On the Market is 65, suggesting that homes are selling relatively quickly. This is important for sellers to keep in mind as they prepare to list their property, as it indicates a strong demand in the market.
The Sold to List Price Percentage is 96.3%, showing that homes are typically selling very close to their listing price. This can be reassuring for sellers, knowing that they are likely to receive a fair offer on their property.
Lastly, the Median Sold Price is $877,000, giving both buyers and sellers an idea of the average price of homes in the current market. This information can be used to gauge the affordability of properties and make informed decisions.
Overall, these metrics paint a picture of a market with a healthy level of inventory, quick sales, and strong demand. Buyers may have more options to choose from, while sellers can expect fair offers and quick sales. It is essential for both parties to stay informed and work with a real estate professional to navigate the current market 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.
