Let’s break down the real estate metrics to understand their correlation and what they mean for buyers and sellers in the current market.
First, let’s look at the Months Supply of Inventory, which is currently at 2.84. This metric indicates how long it would take for all the current homes on the market to sell based on the current pace of sales. A lower number typically indicates a seller’s market, where demand is high and supply is limited.
Next, we see that the 12-Month Change in Months of Inventory has increased by +22.41%. This means that there has been a significant increase in the amount of inventory available on the market compared to the previous year. This could potentially signal a shift towards a more balanced market or even a buyer’s market.
The Median Days Homes are On the Market is 46, which shows that homes are selling relatively quickly. This could be due to the high demand or competitive pricing in the market.
The Sold to List Price Percentage is 97.2%, which indicates that homes are generally selling close to their listing price. This could suggest that sellers are pricing their homes appropriately or that there is strong negotiation happening between buyers and sellers.
Lastly, the Median Sold Price is $384,500. This gives us an idea of the average price at which homes are selling in the current market.
Overall, these metrics suggest that there is a healthy level of activity in the real estate market, with homes selling relatively quickly and close to their listing price. However, the increase in inventory compared to the previous year may indicate more options for buyers and potentially more negotiating power. Sellers should be mindful of pricing their homes competitively to attract buyers in this evolving market. Buyers may find more choices available to them and potentially more room to negotiate on price.
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. My team and I at Uncommon Realty are here to help you. I look forward to discussing what is going on with your area.
