The real estate market is currently experiencing a low inventory with only 2.34 months supply available, indicating a high demand for homes in this area. The 12-month change in months of inventory has increased by 12.5%, suggesting a slight shift towards a more balanced market.
Homes are selling relatively quickly in this market, with a median of 40 days on the market before being sold. This could be attributed to the high demand and low inventory, leading to homes being snatched up quickly by eager buyers.
Sellers are seeing strong offers on their properties, with the sold to list price percentage at 97.7%. This indicates that homes are selling close to their asking price, showing a healthy market where sellers are able to get good value for their properties.
The median sold price in this market is $449,500, reflecting a robust real estate market with strong buyer interest. Buyers should be prepared to act quickly and make competitive offers in order to secure a property in this market.
Overall, these metrics suggest a competitive real estate market with high demand and limited inventory, making it an opportune time for sellers to list their properties and for buyers to act decisively when finding a home they are interested in.
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.
