As we analyze the current real estate market data, we can see a correlation between the various metrics that are crucial for buyers and sellers to consider.
Firstly, the Months Supply of Inventory stands at 2.69, indicating a relatively low inventory of homes for sale. This low supply can lead to increased competition among buyers, potentially driving up prices.
The 12-Month Change in Months of Inventory has seen a significant increase of +12.55%. This suggests that the inventory of homes for sale has been growing steadily over the past year, which could potentially provide more options for buyers in the market.
The Median Days Homes are On the Market is 54, indicating that homes are selling relatively quickly. This could be a result of the low inventory levels and high demand in the market.
The Sold to List Price Percentage is at 98.1%, showing that homes are generally selling close to their listing prices. This can be a positive sign for sellers, as it indicates a strong market where buyers are willing to pay close to asking prices.
Lastly, the Median Sold Price is $430,000, reflecting the average price at which homes are selling in the current market. This can be a useful reference point for both buyers and sellers to understand the overall pricing trends in the area.
Overall, these metrics suggest a dynamic real estate market with limited inventory, strong buyer demand, and homes selling at or close to their listing prices. Buyers should be prepared for potential competition and act quickly, while sellers may find it to be a favorable 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.
