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.
First, let’s look at the Months Supply of Inventory, which currently stands at 2.79. This metric indicates how many months it would take to sell all the available properties on the market at the current sales pace. A low months supply of inventory, like 2.79, typically signifies a seller’s market where demand outweighs supply, leading to higher prices.
The 12-Month Change in Months of Inventory is also a crucial metric to consider, with an increase of +12.05% indicating a shift towards a more balanced market. This means that there are more homes available for sale compared to the previous year, giving buyers more options and potentially slowing down price appreciation.
The Median Days Homes are On the Market is 33, which is a relatively short timeframe. This suggests that homes are selling quickly, likely due to high demand and limited inventory. Sellers can expect a quick turnaround on their listings, while buyers should be prepared to act fast in this competitive market.
The Sold to List Price Percentage of 97% indicates that homes are selling close to their asking price. This metric shows the level of negotiation happening in the market, with most buyers willing to pay close to the list price for desirable properties.
Lastly, the Median Sold Price of $497,500 gives us a clear indication of the current pricing trends in the market. This is the middle point of all the sales prices, showing that half of the homes sold for more and half for less. It provides a benchmark for both buyers and sellers to understand the value of properties in the area.
In conclusion, the correlation between these real estate metrics suggests a market with high demand, low inventory, and quick sales. Sellers can expect favorable conditions for selling their homes at or close to asking price, while buyers should be prepared to act fast and potentially pay a premium for desirable properties. Understanding these metrics is essential for making informed decisions in today’s competitive 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.
