When looking at the real estate market data, there are several key metrics that can provide valuable insights for both buyers and sellers. Let’s start by looking at the Months Supply of Inventory, which currently stands at 4.03. This metric indicates how long it would take for all the current homes on the market to be sold if no new listings were added. A lower number typically indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is also important to consider, as it gives us a sense of how the market has been trending over the past year. With a positive change of +16.47%, it suggests that inventory levels have been increasing, which could potentially give buyers more options to choose from.
Next, let’s look at the Median Days Homes are On the Market, which is currently 91 days. This metric tells us how long it takes, on average, for a home to sell once it’s listed. A lower number indicates a faster-moving market, while a higher number suggests homes are taking longer to sell.
The Sold to List Price Percentage is another key metric to pay attention to, as it shows the relationship between the listing price of a home and the price it actually sells for. With a percentage of 97.9%, it indicates that homes are generally selling close to their listing price, which could be good news for sellers.
Lastly, the Median Sold Price provides a snapshot of the average price that homes are selling for in the current market. With a median sold price of $457,000, it gives us an idea of the price range that buyers and sellers are operating within.
Overall, these metrics give us a comprehensive view of the real estate market, showing us the level of inventory, market trends, pricing, and how quickly homes are selling. Whether you’re looking to buy or sell, understanding these metrics can help you make informed decisions in today’s 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.
