The real estate market is currently experiencing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory being at 3.02. This metric is a reflection of how long it would take for all the current homes on the market to be sold, given the current pace of sales.
The 12-Month Change in Months of Inventory increasing by +14.83% suggests that the market is becoming slightly more saturated with homes for sale compared to the previous year. This could potentially lead to more options for buyers but also increased competition for sellers.
The Median Days Homes are On the Market at 51 days indicates that properties are selling relatively quickly in this market. This means that buyers are active and ready to make decisions, while sellers are able to move their properties in a reasonable amount of time.
The Sold to List Price Percentage being at 97.2% suggests that sellers are typically receiving close to their asking price when their homes sell. This indicates that pricing strategies are generally effective and that buyers are willing to pay close to the list price for desirable properties.
Lastly, the Median Sold Price of $429,990 gives an indication of the average price at which homes are selling in this market. This figure can be helpful for both buyers and sellers in understanding the current value of properties and making informed decisions.
Overall, these metrics paint a picture of a dynamic real estate market with balanced supply and demand, quick sales, and close-to-list-price transactions. Buyers and sellers should take note of these factors when making decisions in this 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.
