When looking at these real estate metrics, we can see how they are interconnected and can provide valuable insights for both buyers and sellers in the market.
First, let’s talk about the Months Supply of Inventory, which is currently at 4.29. This metric represents how long it would take to sell all the homes on the market at the current pace of sales. A lower number indicates a seller’s market, while a higher number suggests a buyer’s market. In this case, 4.29 months supply indicates a balanced market.
The 12-Month Change in Months of Inventory is +10.28%, indicating an increase in inventory over the past year. This could mean more options for buyers to choose from, which could potentially lead to more negotiations and competitive pricing.
The Median Days Homes are On the Market is 61, which shows the average number of days it takes for a home to sell. A lower number typically indicates a faster-moving market, while a higher number suggests homes are taking longer to sell. In this case, 61 days is relatively moderate.
The List to Sold Price Percentage is 97.5%, which means homes are selling for about 97.5% of their list price on average. This can give sellers an idea of how much negotiation room they may have, while buyers can use this information to make competitive offers.
Finally, the Median Sold Price is $495,000, which represents the middle price point of all the homes sold in the area. This can give both buyers and sellers an idea of the overall market value of properties in the area.
Overall, these metrics paint a picture of a balanced market with a slight increase in inventory over the past year. Sellers may need to be more competitive with pricing and buyers may have more options to choose from. It’s essential for both parties to stay informed and work with a knowledgeable real estate agent 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.
