Let’s break down the correlation between these real estate metrics to help both buyers and sellers understand the current market conditions.
First, let’s look at the Months Supply of Inventory, which is at 3.31. This indicates how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number typically indicates a seller’s market, where there are more buyers than available homes.
Next, we have the 12-Month Change in Months of Inventory, which is showing a significant increase of +23.05%. This suggests that there has been an increase in the number of homes available for sale compared to the previous year, potentially signaling a shift towards a more balanced market.
The Median Days Homes are On the Market is 77, which means that on average, it takes about 77 days for a home to sell once it is listed. This can give sellers an idea of how long they may expect their home to be on the market before finding a buyer.
The Sold to List Price Percentage is at 97.9%, indicating that homes are typically selling very close to their listing price. This can be useful for both buyers and sellers to negotiate on the right price for a property.
Lastly, the Median Sold Price is $359,990, giving an idea of the average price at which homes are selling in the current market. Buyers can use this information to gauge the affordability of properties, while sellers can use it to set a competitive listing price.
Overall, these metrics suggest a market that is still favorable towards sellers, but with a slight increase in inventory compared to the previous year. Buyers may have more options to choose from, while sellers should still be able to sell their homes at a competitive price. It’s essential for both buyers and sellers to stay informed about 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.
