As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory, which currently stands at 4.44, indicates the number of months it would take to sell all the existing homes on the market if no new listings were added. A lower number typically signifies a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory has increased by 76.19%, showing a significant shift in market conditions. This could imply 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 75 days, suggests that homes are selling relatively quickly. This could be attributed to factors such as high demand, competitive pricing, and attractive properties.
The Sold to List Price Percentage of 94.9% indicates that homes are typically selling close to their asking price. This could be a positive sign for sellers, as it shows that buyers are willing to pay a price that is close to what the seller is asking for.
Lastly, the Median Sold Price of $265,000 gives an idea of the average price at which homes are selling in the current market. This information is crucial for both buyers and sellers to understand the pricing trends and make informed decisions.
Overall, these metrics paint a picture of a dynamic real estate market with potential opportunities for both buyers and sellers. It is essential to stay informed and work with a knowledgeable real estate agent to navigate these changing market conditions 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.
