Let’s break down these real estate metrics to understand how they are correlated and what they mean for buyers and sellers.
First, let’s look at the Months Supply of Inventory, which is currently at 4.01. This number indicates how many months it would take to sell all the available homes on the market at the current rate of sales. A lower number typically means a seller’s market, where there is high demand and limited supply.
The 12-Month Change in Months of Inventory is showing a decrease of -7.18%. This means that the supply of homes on the market is shrinking compared to the previous year, which could indicate increased competition among buyers.
Next, the Median Days Homes are On the Market is 51. This metric tells us how long it takes, on average, for a home to sell. A lower number suggests a fast-moving market, while a higher number could indicate that homes are sitting on the market longer.
The List to Sold Price Percentage is 98.3%, showing that homes are selling close to their listing price. This could be a positive sign for sellers, as they are likely receiving offers close to their asking price.
Lastly, the Median Sold Price is $379,990. This is the middle price point of all homes sold in the area, indicating the general value of properties in the market.
Overall, these metrics suggest that the real estate market is competitive, with a relatively low supply of homes and quick sales. Sellers may benefit from receiving offers close to their asking price, while buyers may need to act fast and be prepared to make competitive offers. It’s important for both buyers and sellers to stay informed about market conditions to make the best decisions for their real estate transactions.
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.
