The real estate market is showing positive signs with a healthy balance between supply and demand. The Months Supply of Inventory is currently at 4.58, indicating a balanced market where neither buyers nor sellers have a significant advantage.
The 12-Month Change in Months of Inventory has decreased by 2.76%, showing that the market is becoming more competitive and properties are selling at a faster pace. This is further supported by the Median Days Homes are On the Market, which is 71 days, indicating that properties are selling relatively quickly.
The Sold to List Price Percentage is at a strong 95.6%, meaning that on average, homes are selling very close to their listing price. This is a positive indicator for sellers as it shows that there is strong demand for properties in this market.
The Median Sold Price of $722,500 reflects a healthy and stable market where sellers are able to achieve a good return on their investment. Buyers can also benefit from this market by having a variety of options to choose from without having to overpay for a property.
Overall, the correlation between these real estate metrics paints a picture of a balanced and competitive market that is beneficial for both buyers and sellers. It is a market where properties are selling quickly and at a good price, making it an attractive time to buy or sell a property.
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.
