Let’s dive into some key real estate metrics that can help both buyers and sellers better understand the current market conditions.
First, let’s look at the Months Supply of Inventory, which is currently at 3.82. This metric indicates how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number typically indicates a seller’s market, where demand is high and supply is low.
Next, we have the 12-Month Change in Months of Inventory, which is showing a decrease of -7.06%. This suggests that inventory levels have been decreasing over the past year, potentially leading to increased competition among buyers.
The Median Days Homes are On the Market is 43, which is a relatively short amount of time. This indicates that homes are selling quickly, likely due to high demand and low inventory levels.
The List to Sold Price Percentage is at 97.7%, showing that homes are typically selling very close to their listing price. This can be a helpful indicator for sellers to set realistic pricing expectations.
Lastly, the Median Sold Price is $401,000. This gives buyers and sellers an idea of the average price at which homes are selling in the current market.
Overall, these metrics paint a picture of a competitive market with limited inventory and homes selling quickly at prices close to their listing price. Buyers may need to act fast when a desirable property comes on the market, while sellers may find that their homes are in demand and selling at strong prices. It’s always a good idea to consult with a real estate professional for personalized advice based on your specific situation.
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.
