Welcome, Buyers and Sellers! Let’s dive into the exciting world of real estate metrics and see how they all tie together.
First up, we have the Months Supply of Inventory sitting at 15.24. This number represents how long it would take for all the current homes on the market to be sold if no new homes were added. With 15.24 months of inventory, we can say that it’s a buyer’s market, giving buyers more options and potentially more negotiating power.
Now, let’s look at the 12-Month Change in Months of Inventory, which is at a whopping +72.99%. This significant increase indicates a shift towards a more saturated market, with more homes available for buyers to choose from.
Next, we have the Median Days Homes are On the Market, clocking in at 147 days. This number tells us how long, on average, a home sits on the market before being sold. With 147 days, we can see that homes are taking a bit longer to sell, which could be due to the increased inventory.
Moving on to the Sold to List Price Percentage, which is at a strong 96.3%. This figure shows us that, on average, homes are selling for 96.3% of their listing price. This high percentage indicates a healthy market where sellers are able to get close to their asking price.
Lastly, we have the Median Sold Price of $870,000. This number represents the middle price point of all the homes sold in the area. With a median sold price of $870,000, we can see that homes in this market are selling for a decently high price point.
In conclusion, all these metrics are interconnected and paint a picture of a market that is favorable for buyers due to the high inventory levels and longer time on the market. Sellers, on the other hand, can still expect to fetch a good price for their homes, as indicated by the strong Sold to List Price Percentage. So whether you’re looking to buy or sell, there are opportunities to be found in this dynamic 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.
