As a potential buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics in order to make informed decisions.
The Months Supply of Inventory, which stands at 3.39, indicates the number of months it would take to sell all currently listed homes if no new properties were added to the market. A lower number suggests a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory, which has increased by +13.38%, shows a shift in market conditions over the past year. This increase suggests that there are more homes available for sale compared to the previous year, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market, at 46 days, provides insight into how quickly homes are selling. A lower number indicates a faster-moving market, while a higher number suggests properties are taking longer to sell.
The Sold to List Price Percentage, at 98.1%, reveals that homes are typically selling very close to their listing price. This can give sellers confidence that they are pricing their homes accurately and buyers can expect to pay close to the asking price.
Lastly, the Median Sold Price of $350,000 represents the middle point of all sold prices, indicating the average price at which homes are selling in the current market.
Overall, these metrics suggest a balanced real estate market with a moderate supply of inventory, homes selling relatively quickly, and prices remaining stable. Both buyers and sellers can use this information to guide their decisions and navigate the market with confidence.
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.
