Let’s dive into the real estate market data to better understand the correlation between these key metrics for both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which is currently at 2.25 months. This metric indicates how long it would take for all the current homes on the market to be sold at the current pace of sales. A lower number like 2.25 months suggests a seller’s market, where demand exceeds supply.
Next, we have the 12-Month Change in Months of Inventory, showing a decrease of -32.84%. This significant drop indicates a tightening of the market, with homes selling at a faster rate compared to the previous year.
The Median Days Homes are On the Market is 55 days, which is relatively low and further supports the idea of a seller’s market. Homes are being snapped up quickly, likely due to high demand and low inventory.
The List to Sold Price Percentage is at 97.9%, indicating that homes are generally selling close to their list price. This suggests strong competition among buyers and a market where sellers have more negotiating power.
Lastly, the Median Sold Price is $382,500, reflecting the average price at which homes are selling in the current market. This number is influenced by factors such as location, size, and condition of the properties.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, fast sales, and strong demand. For sellers, this means potentially receiving offers close to asking price and selling their homes relatively quickly. Buyers, on the other hand, may need to act fast and be prepared to make competitive offers in order to secure a property in this market.
Understanding these correlations can help both buyers and sellers navigate the current real estate landscape with confidence and informed decision-making.
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.
