The real estate market is currently experiencing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory of 4.82. This metric represents the number of months it would take to sell all the current homes on the market at the current pace of sales.
The 12-Month Change in Months of Inventory at +0.84% shows a slight increase in available inventory compared to the previous year. This could be attributed to more homes coming onto the market or a decrease in buyer demand.
Despite the increase in inventory, homes are still selling relatively quickly, with a median of 81 days on the market. This indicates that there is still strong interest from buyers in the market.
The Sold to List Price Percentage of 97.2% suggests that homes are generally selling close to their asking price. This can be an important metric for sellers to consider when pricing their homes.
Finally, the Median Sold Price of $550,000 indicates the typical price at which homes are selling in the current market. This can be a useful benchmark for both buyers and sellers to understand the overall pricing trends in the area.
Overall, these metrics paint a picture of a balanced and active real estate market, with homes selling relatively quickly and close to their asking prices. Buyers and sellers can use this information to make informed decisions in their real estate transactions.
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.
