Let’s break down these real estate metrics to see how they are correlated.
First, the Months Supply of Inventory is 2.92, which means that at the current rate of sales, it would take 2.92 months to sell all the available homes on the market. This is a relatively low number, indicating a seller’s market with high demand and low supply.
The 12-Month Change in Months of Inventory is +13.62%, showing an increase in the supply of homes compared to the previous year. This could suggest a shift towards a more balanced market, with potentially more options for buyers.
The Median Days Homes are On the Market is 70, which is a moderate amount of time for homes to sell. This could indicate a healthy market where homes are moving at a steady pace.
The Sold to List Price Percentage is 97.1%, meaning that homes are selling for about 97.1% of their listing price. This shows that sellers are able to negotiate prices close to their asking price, which is a positive sign for sellers.
Lastly, the Median Sold Price is $465,250, giving us an idea of the average price at which homes are selling in the market. This can be helpful for both buyers and sellers to understand the overall market value.
Overall, these metrics suggest a market that is favorable for sellers, with low inventory, relatively quick sales, and strong sale prices. However, the increase in inventory could indicate a shift towards a more balanced market, providing opportunities for buyers as well. It’s important for both buyers and sellers to stay informed about these metrics to make informed decisions in the real estate 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.
