The real estate market currently has a Months Supply of Inventory of 12.57, indicating that it would take approximately 12.57 months for all available homes to be sold at the current pace of sales. This metric helps buyers and sellers understand the level of competition in the market.
The 12-Month Change in Months of Inventory is +47.36%, showing a significant increase in inventory over the past year. This could be due to an influx of new listings or a decrease in buyer demand. Buyers may have more options to choose from, while sellers may face more competition.
The Median Days Homes are On the Market is 62, indicating that homes are selling relatively quickly in this market. This could be attributed to strong buyer demand or competitive pricing. Sellers can expect their homes to sell within a reasonable timeframe.
The Sold to List Price Percentage is 93.8%, showing that homes are typically selling for 93.8% of their list price. This metric gives insight into the negotiation power of buyers and sellers in the market. Sellers may need to be prepared to negotiate on price, while buyers may have some room for offers.
The Median Sold Price is $459,170, providing a benchmark for both buyers and sellers to understand the typical price range in this market. This information can help buyers determine if a home is priced competitively and help sellers set a realistic asking price.
Overall, the data suggests that this real estate market is experiencing a shift towards more inventory, but homes are still selling relatively quickly at a high percentage of their list price. Buyers and sellers should be mindful of these metrics when making decisions in this 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.
