Let’s break down these real estate metrics and see how they all correlate with each other.
First, let’s look at the Months Supply of Inventory, which is currently at 4.52. This metric tells us how long it would take for all the current homes on the market to be sold at the current sales pace. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
Next, we see that the 12-Month Change in Months of Inventory is +1.57%. This means that the inventory of homes on the market has increased by 1.57% over the past year. An increase in inventory could potentially lead to a slower market and more negotiating power for buyers.
The Median Days Homes are On the Market is 58. This metric tells us how long it takes, on average, for a home to sell once it is listed. A lower number typically indicates a faster-moving market.
The List to Sold Price Percentage is 97.3%. This metric shows us that, on average, homes are selling for 97.3% of their listing price. A higher percentage indicates that sellers are getting close to their asking price.
Finally, the Median Sold Price is $461,739. This tells us the middle point of all the home prices that have sold in the area. It gives us an idea of the overall market value in the area.
In conclusion, these metrics are all interconnected in the real estate market. A lower Months Supply of Inventory, along with a higher List to Sold Price Percentage, typically indicates a strong seller’s market with homes selling quickly and close to their asking price. However, with the increase in inventory over the past year, buyers may have more options and negotiating power. The Median Sold Price gives us an idea of the overall market value and what buyers and sellers can expect in terms of pricing. Overall, these metrics provide valuable insights for both buyers and sellers in navigating the 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.
