Let’s break down these real estate metrics to better understand the correlation between them.
First, let’s look at the Months Supply of Inventory, which is currently at 4.33. This metric tells us how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
Next, we have the 12-Month Change in Months of Inventory, which has increased by 10.46%. This means that there are more homes available on the market compared to the previous year, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market is 46, indicating that homes are selling relatively quickly in this market. A lower number suggests a high demand for homes in the area.
The List to Sold Price Percentage is 97.9%, showing that homes are typically selling close to their listing price. This is good news for sellers, as it indicates that they are likely to receive a fair offer on their property.
Lastly, the Median Sold Price is $389,127, giving us an idea of the average price at which homes are selling in this market. This information is crucial for both buyers and sellers to understand the current pricing trends.
In summary, the data suggests that there is a healthy balance in this real estate market. With a moderate supply of inventory, homes selling relatively quickly, and prices holding steady, both buyers and sellers can feel confident in their decisions. Buyers may have more options to choose from, while sellers can expect to receive offers close to their asking price.
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.
