Let’s break down these real estate metrics to understand their correlation and what they mean for buyers and sellers in the current market.
Firstly, the Months Supply of Inventory is a key indicator of market conditions. With a low value of 2.14, this suggests that there is a limited supply of homes available for sale. This can create a competitive environment for buyers, as there are fewer options to choose from.
The 12-Month Change in Months of Inventory showing a positive increase of +10.31% indicates that inventory levels have been rising over the past year. This could potentially lead to a more balanced market in the future, offering buyers more choices and potentially less competition.
The Median Days Homes are On the Market is 65, which is a moderate amount of time for homes to sell. This indicates that properties are moving at a steady pace, neither too fast nor too slow.
The Sold to List Price Percentage of 97.5% is a strong indicator of a seller’s market. This means that homes are selling close to their list price, showing that demand is high and buyers may need to be prepared to offer competitive bids.
Lastly, the Median Sold Price of $522,077 gives us an idea of the average price point in the market. This can help both buyers and sellers understand the current pricing trends and make informed decisions.
Overall, these metrics suggest that the market is competitive with limited inventory and high demand, leading to homes selling close to list price. Buyers may need to act quickly and be prepared to make strong offers, while sellers may find favorable conditions for selling their properties. It’s important for both parties to stay informed and work with a knowledgeable real estate agent to navigate the current market conditions effectively.
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.
