Let’s break down these real estate metrics to better understand how they are correlated.
First, let’s look at the Months Supply of Inventory, which is currently at 6.51. This metric represents how many months it would take to sell all the current homes on the market if no new listings were added. 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 is at -1.06%. A negative percentage here means that the inventory is decreasing over the past year, which could be due to increased demand or fewer listings.
The Median Days Homes are On the Market is 76, which tells us how long it takes for homes to sell on average. A lower number indicates a faster-moving market, while a higher number means homes are sitting on the market longer.
The List to Sold Price Percentage is at 95.8%, which shows that homes are selling for almost the full asking price. This could indicate a competitive market where buyers are willing to pay close to the listing price.
Finally, the Median Sold Price is $725,000, which gives us an idea of the average price at which homes are selling. This number can be influenced by factors such as location, size, and condition of the homes.
Overall, these metrics suggest that the market is relatively balanced with a moderate supply of inventory and homes selling close to the asking price. The decreasing inventory over the past year could indicate a trend towards a more competitive market, which could benefit sellers. Buyers may need to act quickly and be prepared to make strong offers in order to secure a home in this 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.
