As a potential buyer or seller in the real estate market, understanding key metrics can help you make informed decisions. Let’s delve into the correlation between these important real estate metrics.
First, let’s look at the Months Supply of Inventory, which currently stands at 5.38 months. This metric represents the number of months it would take to sell all the current homes on the market at the current pace of sales. 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 has increased by 20.63%, indicating a shift towards a more balanced market or even a slight buyer’s market. This could mean more options for buyers and potentially less competition for sellers.
The Median Days Homes are On the Market is 45 days, which is a relatively short amount of time. This suggests that homes are selling quickly, likely due to high demand and limited inventory.
The Sold to List Price Percentage is at 96.6%, indicating that homes are selling close to their asking price. This could be a sign of a competitive market where buyers are willing to pay close to the list price.
Lastly, the Median Sold Price is $750,000, showing the average price at which homes are selling in the current market. This can be a helpful benchmark for both buyers and sellers to understand the price trends in the area.
Overall, these metrics paint a picture of a market that is experiencing moderate inventory levels, quick sales, and homes selling close to their list price. Buyers may find more options and potentially less competition, while sellers may benefit from homes selling quickly and close to their asking price. It’s important to stay informed and work with a knowledgeable real estate professional to navigate the market 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.
