Hello Buyers and Sellers,
Let’s dive into the current real estate market metrics to gain a better understanding of the trends and correlations that may impact your buying or selling decisions.
First, let’s look at the Months Supply of Inventory, which currently stands at 8.3. This metric indicates how many months it would take to sell all the homes on the market at the current sales pace. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory is showing a positive trend, with a growth of +9.07%. This means that inventory levels are increasing compared to the previous year, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market is 60, which indicates the average number of days it takes for a home to sell. A lower number suggests a faster-moving market, while a higher number may indicate homes are taking longer to sell.
The Sold to List Price Percentage is currently at 96.8%, showing that homes are generally selling close to their listing price. This metric can give sellers an idea of how much negotiation room they may have when setting their listing price.
Lastly, the Median Sold Price is $389,500, providing a benchmark for the typical selling price of homes in the market. This information can be valuable for both buyers and sellers when considering their budget or pricing strategy.
Overall, these metrics suggest a balanced market with a moderate level of inventory, reasonable days on market, and homes selling close to their listing price. However, the increasing inventory levels may indicate a shifting market that could offer opportunities for buyers.
As always, it’s important to work with a knowledgeable real estate professional who can provide personalized guidance based on your specific needs and goals in this dynamic market.
Thank you for tuning in and happy buying or selling!
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.
