When looking at the real estate market data, we can see that there is a strong correlation between the metrics provided.
The Months Supply of Inventory being at 4.43 indicates that there is a relatively low number of homes available for sale compared to the demand from buyers. This can lead to a competitive market where homes may sell quickly.
The 12-Month Change in Months of Inventory being at -8.28% shows that inventory levels have decreased over the past year. This can be a result of high demand from buyers and a lack of new listings coming onto the market.
The Median Days Homes are On the Market being at 78 days suggests that homes are selling relatively quickly. This is likely due to the low inventory levels and high demand, leading to a faster turnover of properties.
The List to Sold Price Percentage being at 98.2% indicates that homes are selling very close to their listing price. This can be a sign of a competitive market where buyers are willing to pay close to the asking price to secure a property.
Lastly, the Median Sold Price being at $363,000 shows the average price at which homes are selling in the market. This can be influenced by factors such as location, property size, and market conditions.
Overall, these metrics paint a picture of a real estate market that is competitive with low inventory levels, fast-selling homes, and properties selling close to their listing price. Buyers may need to act quickly and be prepared to make strong offers, while sellers may benefit from the current market conditions to maximize their sale price.
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.
