When looking at the real estate market data, we can see that there is a correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the Sold to List Price Percentage, and the Median Sold Price.
The Months Supply of Inventory being at 2.65 indicates that there is a relatively low inventory of homes available for sale. This low supply can drive up competition among buyers, potentially leading to higher prices.
The 12-Month Change in Months of Inventory increasing by +12.77% suggests that the inventory of homes for sale has been increasing over the past year. This could indicate a shift towards a more balanced market, where buyers have more options to choose from.
The Median Days Homes are On the Market being at 60 days shows that homes are selling relatively quickly. This could be due to the low inventory and high demand in the market.
The Sold to List Price Percentage of 97.2% indicates that, on average, homes are selling very close to their listing price. This could be a reflection of the competitive market conditions and the strong demand from buyers.
Lastly, the Median Sold Price of $395,000 gives us an idea of the average price at which homes are selling in the market. This price point is influenced by factors such as supply and demand dynamics, as well as the overall health of the economy.
Overall, these metrics paint a picture of a real estate market that is experiencing strong demand, limited supply, and competitive pricing. Buyers may need to act quickly and make strong offers, while sellers may find themselves in a favorable position to sell their homes at or near their listing 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. I look forward to discussing what is going on with your area.
