As a potential buyer or seller in the real estate market, it’s important to understand the correlation between various metrics to make informed decisions. Let’s break down the data provided to get a clearer picture of the current market situation.
First, let’s look at the Months Supply of Inventory, which is currently at 5.54. This metric represents how long it would take for all the current listings to sell out at the current sales pace. A lower number indicates a seller’s market with high demand and limited supply.
Next, we have the 12-Month Change in Months of Inventory, showing a decrease of 29.34%. This significant drop indicates that the market has become more competitive, with properties selling faster than before.
The Median Days Homes are On the Market is 97, which means that on average, it takes about 97 days for a property to sell. This number gives insight into the pace of the market and how quickly homes are moving.
The List to Sold Price Percentage is at 95.1%, indicating that on average, homes are selling very close to their listing price. This suggests that sellers are pricing their properties accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $542,500, providing a snapshot of the average selling price in the market. This number can help both buyers and sellers gauge the value of properties in the area.
Overall, the data suggests that the real estate market is currently strong, with properties selling quickly and close to their asking price. Buyers may face competition in finding a home, while sellers could benefit from the high demand and potential for a quick sale at a favorable price. Keeping an eye on these metrics can help navigate the market effectively and make informed decisions.
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.
