The real estate market is currently showing a trend of increasing inventory, with the Months Supply of Inventory sitting at 10.57. This indicates that it would take approximately 10.57 months to sell all the current listings on the market if no new listings were added. Additionally, the 12-Month Change in Months of Inventory has increased by 19.44%, showing a significant uptick in available properties.
Despite the increase in inventory, homes are still spending a relatively lengthy amount of time on the market, with a Median Days Homes are On the Market at 95. This could be due to a combination of factors such as pricing, location, and market conditions.
However, sellers are still seeing a strong Sold to List Price Percentage of 94.9%, indicating that homes are selling close to their asking price. This is a positive sign for sellers, as it shows that there is still demand for properties in this market.
The Median Sold Price for homes in this market is $1,003,917, which is a key indicator of the overall health and value of the real estate market. This figure reflects the average price at which homes are selling, and can be used as a benchmark for both buyers and sellers.
Overall, while the market is showing signs of increased inventory and longer days on the market, sellers can take comfort in the fact that homes are still selling close to their asking price. Buyers may find opportunities in this market to negotiate favorable terms. It is important for both buyers and sellers to carefully consider these metrics when making 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.
