When looking at these real estate metrics, we can see some interesting correlations that can help both buyers and sellers make more informed decisions.
First, let’s look at the Months Supply of Inventory, which is currently at 3.85. This number represents how long it would take for all the current homes on the market to sell at the current sales pace. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is showing an increase of 63.14%. This significant increase suggests that there are more homes on the market compared to a year ago, which could potentially give buyers more options to choose from.
The Median Days Homes are On the Market is 55, indicating that homes are selling relatively quickly. This is good news for sellers who are looking to move their property in a timely manner.
The List to Sold Price Percentage is at 98%, showing that homes are generally selling close to their listing price. This can give sellers confidence that they are pricing their homes competitively in the current market.
Finally, the Median Sold Price is $500,000, giving both buyers and sellers an idea of the average price point in the area. This can help buyers determine if the market is within their budget and sellers gauge the potential value of their property.
Overall, these metrics paint a picture of a market that is balanced, with homes selling relatively quickly and at a price close to the listing price. Buyers may have more options to choose from compared to a year ago, while sellers can feel confident in the pricing of their homes. It’s important to consider all these factors when entering the real estate market to make the best decisions for your individual needs.
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.
