In the current real estate market, there is a moderate level of inventory available, with the Months Supply of Inventory standing at 3.91. This indicates that at the current sales pace, it would take approximately 3.91 months to sell all the homes on the market.
The 12-Month Change in Months of Inventory has increased by 15%, suggesting that inventory levels have risen over the past year. This could be due to an increase in new listings or a decrease in buyer demand.
Despite the slight increase in inventory, homes are still selling relatively quickly, with a median of 67 days on the market. This indicates that there is still strong demand for homes in the area.
Sellers are also seeing strong offers, with the Sold to List Price Percentage at 97.6%. This means that, on average, homes are selling for 97.6% of their list price, showing that buyers are willing to pay close to asking price for properties.
The Median Sold Price in the area is $425,540, indicating that the market is experiencing healthy appreciation and properties are selling at a good value.
Overall, these metrics suggest that the real estate market in this area is balanced, with a good level of inventory, strong buyer demand, and homes selling at close to asking price. Buyers and sellers can feel confident in the current market conditions.
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.
