As a real estate professional, it is important to understand the correlation between key metrics in the housing market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory, which currently stands at 3.32, indicates the number of months it would take to sell all the homes on the market based on the current pace of sales. A lower months supply suggests a seller’s market, where demand exceeds supply, leading to potentially higher prices.
The 12-Month Change in Months of Inventory, which has increased by +65.17%, indicates a shift in the market towards a more balanced or even buyer-friendly market. This increase in inventory could potentially lead to more options for buyers and may result in longer days on the market.
The Median Days Homes are On the Market, which is 66, represents the average number of days it takes for a home to sell. A higher median days on the market can indicate a slower market where homes may not be selling as quickly, potentially leading to more negotiating power for buyers.
The Sold to List Price Percentage, which is at 97.4%, suggests that homes are selling very close to their list price. This indicates a strong market where sellers are able to achieve a high percentage of their asking price, which can be favorable for sellers.
Lastly, the Median Sold Price of $350,311 gives an indication of the average price at which homes are selling. This information is crucial for both buyers and sellers to understand the current market value of homes in the area.
Overall, these metrics show a market that is still favorable for sellers, but with a slight increase in inventory, buyers may have more options and negotiating power. As a buyer or seller, it is essential to work with a knowledgeable real estate agent who can help navigate these market conditions to achieve the best outcome.
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.
