As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.48. This metric indicates how long it would take for all the current homes on the market to sell at the current sales pace. A lower number suggests a seller’s market, where demand exceeds supply, leading to potentially higher prices.
The 12-Month Change in Months of Inventory is at -4.4%, indicating a decrease in the supply of homes over the past year. This could be attributed to strong demand in the market, driving down the inventory levels and potentially leading to increased competition among buyers.
The Median Days Homes are On the Market is 64, which means that homes are selling relatively quickly in this market. This could be due to a combination of factors, such as attractive pricing, desirable location, and strong buyer interest.
The Sold to List Price Percentage is at 98.6%, indicating that homes are typically selling very close to their asking prices. This could suggest that sellers are pricing their homes competitively and that buyers are willing to pay close to the list price.
Lastly, the Median Sold Price is $335,000, giving us an idea of the average price at which homes are selling in this market. This could be useful for both buyers and sellers to understand the current pricing trends and make informed decisions.
Overall, these metrics suggest a market with strong demand, limited supply, and homes selling quickly and close to their asking prices. Buyers may face increased competition, while sellers may benefit from favorable pricing conditions. It is important for both parties to stay informed and work with a knowledgeable real estate agent to navigate the current market conditions effectively.
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.
