The real estate market is currently experiencing a low inventory level, with the Months Supply of Inventory sitting at 2.74. This means that at the current rate of sales, it would take just under 3 months to sell all the homes on the market.
However, there has been a significant increase in the Months of Inventory over the past year, with a 12-Month Change of +14.17%. This indicates that inventory levels have been rising steadily, potentially giving buyers more options to choose from.
Despite the increase in inventory, homes are still selling relatively quickly, with a Median Days on Market of 56. This suggests that there is still strong demand in the market, as homes are not lingering on the market for an extended period of time.
Additionally, sellers are seeing a good return on their investment, with a Sold to List Price Percentage of 96.9%. This means that, on average, homes are selling for almost full asking price.
Lastly, the Median Sold Price in the market is $410,050, indicating that homes are selling at a healthy price point. Overall, these metrics suggest that it is currently a balanced market, with opportunities for both buyers and sellers to make successful transactions.
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.
