As a real estate professional, it is important to understand the correlation between key metrics to provide valuable insights to both buyers and sellers in the market.
First, let’s look at the Months Supply of Inventory, which currently stands at 2.63. This metric represents how long it would take to sell all the existing homes on the market at the current sales pace. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
Next, the 12-Month Change in Months of Inventory is showing a significant increase of +15.86%. This suggests that inventory levels are rising, potentially indicating a shift towards a more balanced market or even a buyer’s market in the future.
The Median Days Homes are On the Market is 53, which is a relatively short amount of time compared to the national average. This indicates that homes are selling quickly in this market, likely due to high demand and low inventory levels.
The Sold to List Price Percentage is at 96.8%, which means that homes are generally selling close to their asking price. This could indicate strong competition among buyers, leading to sellers receiving offers close to their listing price.
Lastly, the Median Sold Price is $565,000, which gives an indication of the average price at which homes are selling in the market. This can be helpful for both buyers and sellers to understand the current pricing trends and make informed decisions.
Overall, the data suggests that this market is experiencing strong demand, limited inventory, and homes are selling quickly at close to their asking price. Buyers may face competition and need to act fast, while sellers may benefit from listing their homes at a competitive price to attract potential buyers. It is important for both parties to work with a knowledgeable real estate agent to navigate these 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.
