When looking at the real estate market metrics provided, we can see a correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price.
The Months Supply of Inventory is currently at 9.73, indicating that it would take approximately 9.73 months to sell all the homes currently on the market at the current sales pace. This number gives us an idea of the balance between supply and demand in the market.
The 12-Month Change in Months of Inventory is +33.11%, showing a significant increase in the amount of time it would take to sell all of the homes on the market compared to the previous year. This increase suggests that inventory levels have risen, potentially leading to a more competitive market for sellers.
The Median Days Homes are On the Market is 59, indicating that on average, homes are selling relatively quickly in this market. This could be due to various factors such as high demand or competitively priced listings.
The List to Sold Price Percentage is 97.6%, showing that homes are generally selling close to their list price. This suggests that sellers are pricing their homes effectively in line with market conditions.
Lastly, the Median Sold Price is $425,000, giving us an idea of the typical selling price for homes in this market. This number can be useful for both buyers and sellers in understanding the value of properties in the area.
Overall, these metrics paint a picture of a market with a decent level of inventory, homes selling relatively quickly, and prices remaining stable. Buyers and sellers should take these factors into consideration when making decisions in this 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.
