As a professional in the real estate industry, it is important to understand the correlation between key metrics to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a critical indicator of the balance between supply and demand in the market. With a current level of 3.41 months, this suggests a relatively balanced market where buyers and sellers have relatively equal negotiating power. However, the 12-Month Change in Months of Inventory showing an increase of +77.6% indicates a potential shift towards a more buyer-friendly market in the near future due to an increase in inventory levels.
The Median Days Homes are On the Market at 65 days is a reflection of the average time it takes for a property to sell. This metric can provide an indication of market activity and buyer interest. A lower number of days on market typically indicates a strong demand for homes in the area.
The Sold to List Price Percentage of 98.1% is a measure of how close homes are selling to their listing price. A higher percentage suggests that sellers are pricing their homes competitively and receiving offers close to their asking price. This can be an encouraging sign for sellers looking to maximize their return on investment.
Lastly, the Median Sold Price of $375,000 provides valuable information on the average selling price of homes in the market. This can be useful for both buyers and sellers in determining fair market value and making informed decisions.
Overall, these metrics paint a picture of a market with balanced supply and demand, moderate days on market, strong sale prices relative to list prices, and a potential shift towards a more buyer-friendly environment in the future. Buyers and sellers alike can benefit from understanding these correlations to make informed decisions in 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.
