Let’s break down the correlation between these real estate metrics to better understand the current market conditions for both buyers and sellers.
First, the Months Supply of Inventory is at 4.12, which indicates how long it would take for all the current homes on the market to be sold at the current pace of sales. A lower number typically signifies a seller’s market, where there is high demand and limited supply.
The 12-Month Change in Months of Inventory is at +2.23%, showing an increase in the supply of homes compared to the previous year. This could suggest a shift towards a more balanced market, where there may be more options for buyers to choose from.
The Median Days Homes are On the Market is 59, which is the average number of days it takes for a home to sell. A lower number indicates a faster-moving market, while a higher number may mean homes are sitting on the market longer.
The List to Sold Price Percentage is at 96.6%, showing that homes are typically selling very close to their listing price. This could indicate a competitive market where sellers are receiving offers close to their asking price.
Finally, the Median Sold Price is $565,000, giving us an idea of the average price at which homes are selling in the current market. This can help both buyers and sellers understand the price trends and make informed decisions.
Overall, these metrics suggest a market that is relatively balanced with a moderate supply of inventory, homes selling close to their listing price, and a steady median sold price. It’s important for both buyers and sellers to consider these factors when navigating the real estate market to ensure they make the best decisions for their individual needs.
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.
