Let’s break down these real estate metrics to better understand how they are correlated.
First, we have the Months Supply of Inventory, which is currently at 12.01. This means that at the current rate of sales, it would take 12.01 months to sell all the available inventory on the market.
Next, we have the 12-Month Change in Months of Inventory, which is showing a +6% increase. This indicates that inventory levels have been growing over the past year, leading to a higher supply of homes on the market.
The Median Days Homes are On the Market is 116, which tells us that on average, homes are staying on the market for about 116 days before being sold. This could be influenced by the higher inventory levels, as there is more competition for buyers to choose from.
The List to Sold Price Percentage is 94.7%, showing that on average, homes are selling for 94.7% of their list price. This could be a result of the longer time homes are spending on the market, leading to sellers being more willing to negotiate on price.
Lastly, the Median Sold Price is $850,000, which gives us an idea of the average price point for homes in this market. This could be influenced by a variety of factors, including supply and demand dynamics.
Overall, these metrics indicate a market where inventory levels are increasing, leading to longer days on the market and potentially more negotiation on price. Buyers may have more options to choose from, while sellers may need to be strategic in pricing their homes competitively.
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.
