Let’s dive into the real estate market data to understand how these metrics are correlated and what they mean for buyers and sellers.
First, let’s look at the Months Supply of Inventory, which is currently at 3.94. This number represents how many months it would take to sell all the current inventory of homes on the market if no new listings were added. A lower number typically indicates a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory is -3.19%, meaning that the supply of homes on the market has decreased over the past year. This trend could be due to increased demand or fewer new listings coming onto the market.
Median Days Homes are On the Market is 78, which indicates the average number of days it takes for a home to sell once it is listed. A lower number suggests a faster-moving market, while a higher number may indicate a slower market.
The List to Sold Price Percentage is 98.2%, showing that homes are selling very close to their list price. This can be a good indicator of a strong market where sellers are able to get close to their asking price.
Lastly, the Median Sold Price is $485,000, giving us an idea of the average selling price of homes in the market. This number can help both buyers and sellers understand the current value of properties in the area.
Overall, these metrics suggest a competitive market with low inventory and homes selling quickly and close to their list price. Buyers may need to act fast and be prepared to make strong offers, while sellers may be able to command a good price for their home. It’s always a good idea to work with a real estate professional who can help navigate the market and make informed decisions.
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.
