The real estate market is currently experiencing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory standing at 4.56. This metric represents the number of months it would take to sell all the current listings on the market at the current pace of sales. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory has seen a slight increase of +1.33%, which could be attributed to a rise in new listings or a decrease in sales activity. This change may indicate a shift in the market dynamics, potentially leading to more negotiating power for buyers.
The Median Days Homes are On the Market is 78, suggesting that properties are selling relatively quickly in this market. This could be due to high demand or competitive pricing strategies by sellers. Buyers should be prepared to act swiftly when they find a property they like.
The Sold to List Price Percentage is at a strong 96.2%, indicating that homes are typically selling close to their asking price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to the listing price.
Finally, the Median Sold Price in this market is $505,000, providing insight into the average price point for homes that are selling. This information can be useful for both buyers and sellers in determining their expectations and negotiations.
In summary, the current real estate market is showing signs of stability and activity, with a balanced supply and demand, quick sales, and strong pricing trends. Buyers and sellers should be prepared to act decisively and strategically in this market environment.
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.
