As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. A level of 5.44 months suggests a balanced market where neither buyers nor sellers have a significant advantage. However, the 12-Month Change in Months of Inventory increasing by +15.01% indicates a shift towards a slightly more buyer-friendly market, with inventory levels rising over the past year.
The Median Days Homes are On the Market at 70 days suggests that properties are selling at a moderate pace in this market. This metric is closely tied to the Sold to List Price Percentage of 96.6%, indicating that sellers are typically receiving offers close to their asking price.
Lastly, the Median Sold Price of $695,000 gives buyers and sellers a clear understanding of the current market value of homes in the area. This metric is influenced by factors such as location, size, and condition of the property, as well as overall market trends.
Overall, these metrics paint a picture of a market that is in a state of equilibrium, with a moderate level of inventory, reasonable days on market, and strong sold to list price percentages. Buyers and sellers can use this information to make informed decisions about pricing and timing in the current 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.
