Let’s dive into the real estate metrics to understand how they are correlated and what they mean for buyers and sellers in the market.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the real estate market. With a figure of 3.85, this suggests that there is a moderate level of inventory available relative to the current demand from buyers. A lower number would indicate a seller’s market, while a higher number would suggest a buyer’s market.
The 12-Month Change in Months of Inventory showing a significant increase of 18.46% indicates a shift towards more inventory becoming available in the market. This increase could potentially lead to a more competitive environment for sellers as they may need to adjust their pricing or marketing strategies to attract buyers.
The median days homes are on the market at 55 days indicates that properties are selling relatively quickly in this market. This is good news for sellers as it suggests that there is strong demand from buyers for homes in this area.
The List to Sold Price Percentage of 97.5% indicates that homes are typically selling close to their asking price. This is a positive sign for sellers as it suggests that they are pricing their homes competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $395,000 gives us an idea of the average price at which homes are selling in this market. This information can be helpful for both buyers and sellers to understand the pricing trends in the area.
Overall, these real estate metrics paint a picture of a market with moderate inventory levels, strong demand from buyers, and properties selling close to their asking price. Buyers may need to act quickly in this market, while sellers may find it a good time to list their homes.
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.
